MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	DECCAN FERRO ALLOYS PRIVATE LIMITED
Registered Office :	Plot No. 8, Chintalapalem, Pendurthi (SO), Visakhapatnam – 531173, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.02.2000
Com. Reg. No.:	01-033664
Capital Investment / Paid-up Capital :	Rs. 98.300 Millions
CIN No.: [Company Identification No.]	U27109AP2000PTC033664
TAN No.: [Tax Deduction & Collection Account No.]	VPND00605D
PAN No.: [Permanent Account No.]	AACCD0536D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Silicon Manganese.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration company’s moderate financial risk profile and low profitability levels of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	December 28, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 28, 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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. G. Sudhakar
Designation :	Senior Finance Manager
Contact No.:	91-9248735712
Date :	27.08.2014

LOCATIONS

Registered Office :	Plot No. 8, Chintalapalem, Pendurthi (SO), Visakhapatnam – 531173, Andhra Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9248735712 [Mr. G. Sudhakar]
Fax No.:	Not Available
E-Mail :	deccanferro@gmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Siva Rama Raju Pericherla

Designation :

Managing director

Address :

Mig 225, T.P.T. Colony, Seethammadhara, Visakhapatnam - 530017, Andhra Pradesh, India

Date of Birth/Age :

15.07.1952

Date of Appointment :

23.02.2000

PAN No.:

ACOPP6640D

DIN No.:

00906353

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	U27109AP1989PTC010496	SHRI GISAN STEEL CASTINGS AND FORGINGS PRIVATE LIMITED	Managing director	29/09/1992	29/09/1992	-	Active	NO
2	U26942TG1995PTC019456	SAPTHAGIRI CEMENTS PRIVATE LIMITED	Director	15/02/1995	15/02/1995	-	Under Process of Striking off	NO
3	U27109AP2000PTC033664	DECCAN FERRO ALLOYS PRIVATE LIMITED	Managing director	23/02/2000	23/02/2000	-	Active	NO
4	U27310AP2007PTC055801	VIZAG ISPAT AND ALLOYS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Strike off	NO
5	U45400AP2008PTC060923	CUBE TECHNO PROJECTS PRIVATE LIMITED	Director	09/09/2008	09/09/2008	03/08/2011	Active	NO

Name :

Pericherla Adarsh

Designation :

Director

Address :

MIG 21/5, MVP Colony, Visakhapatnam - 530017, Andhra Pradesh, India

Date of Appointment :

30.03.2007

PAN No.:

APXPP0500N

DIN No.:

02089512

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	U01100AP2004PTC044346	P.V. RAMANI AGROTECH PRIVATE LIMITED	Director	06/10/2004	06/10/2004	Active	NO
2	U27109AP2000PTC033664	DECCAN FERRO ALLOYS PRIVATE LIMITED	Director	30/03/2007	30/03/2007	Active	NO
3	U26940AP2000PTC033669	SRI GIRI CEMENTS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	Under Process of Striking off	NO
4	U27109AP1989PTC010496	SHRI GISAN STEEL CASTINGS AND FORGINGS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	Active	NO
5	U45202OR2008PTC010357	RAGHU VENTURES PRIVATE LIMITED	Director	03/10/2008	03/10/2008	Active	NO
6	U55101AP2010PTC071155	DREAM MEDIRESORTS (VIZAG) PRIVATE LIMITED	Director	10/11/2010	10/11/2010	Active	NO
7	U27101AP2004PTC043091	SHRI GIRIJA ALLOY & POWER (I) PRIVATE LIMITED	Director	30/09/2011	01/03/2011	Active	NO
8	U65993WB1995PTC157000	BALAJI FINVEST PRIVATE LIMITED	Director	19/08/2013	19/08/2013	Active	NO

Name :

Pericharla Surya Kumari

Designation :

Director

Address :

1-104-25,1-101-1 to 1-117-7, M.V.P Colony, Sector-10, Visakhapatnam - 530017, Andhra Pradesh, India

Date of Birth/Age :

20.10.1971

Date of Appointment :

24.02.2014

DIN No.:

06810333

KEY EXECUTIVES

Name :	Mr. G. Sudhakar
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	21.76
Directors or relatives of directors	58.52
Other top fifty shareholders	19.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Silicon Manganese.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· Bank of Baroda

Main Branch, Dabagardews, Visakhapatnam - 530020, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	116.603	115.476
SHORT TERM BORROWINGS
Loans repayable on demand from banks	191.684	185.847
Total	308.287	301.323

Banking Relations :	--
Financial Institution :	· Andhra Pradesh State Financial Corporation 5-9-194, Chirag Ali Lane, P.O Box No. 165, Hyderabad - 500001, Andhra Pradesh, India
Auditors :
Name :	Sriramamurthy and Company Chartered Accountants
Address :	Flat No. 3C, Sai Sadan Apartments, 47-9-39/17, Dwarakanagar, Visakhapatnam – 530016, Andhra Pradesh, India
Tel. No.:	91-891-2748422
E-Mail :	srmvsp@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAIFS3384F
Associates :	· Shri Girija Alloy and Power (India) Private Limited [U27101AP2004PTC043091] Shri Girija Smelters Limited [U27101AP1987PLC008133] Sri Gayatri Minerals Private Limited [U70109WB2000PTC090993] Srinivasa Ferro Alloys Limited [U27109AP1988PLC008340] Shri Gisan Steel Castings And Forgings Private Limited [U27109AP1989PTC010496]

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 98.300 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
983,000	Equity Shares	Rs. 100/- each	Rs. 98.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	98.300	94.854	82.739
(b) Reserves & Surplus	95.534	85.777	67.989
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	193.834	180.631	150.728
(3) Non-Current Liabilities
(a) long-term borrowings	118.603	117.476	65.923
(b) Deferred tax liabilities (Net)	13.870	12.371	10.769
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	132.473	129.847	76.692
(4) Current Liabilities
(a) Short term borrowings	191.684	185.847	114.513
(b) Trade payables	64.883	164.683	75.773
(c) Other current liabilities	138.396	117.864	98.418
(d) Short-term provisions	0.025	0.055	3.665
Total Current Liabilities (4)	394.988	468.449	292.369
TOTAL	721.295	778.927	519.789
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	159.176	163.557	171.407
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	172.301	137.172	9.353
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	44.949	30.974	23.084
Total Non-Current Assets	376.426	331.703	203.844
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.078	166.407	123.101
(c) Trade receivables	63.924	22.992	87.416
(d) Cash and cash equivalents	47.961	208.483	81.041
(e) Short-term loans and advances	94.738	13.294	12.605
(f) Other current assets	30.168	36.048	11.782
Total Current Assets	344.869	447.224	315.945
TOTAL	721.295	778.927	519.789

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	776.981	889.500	1210.773
Less	EXPENSES
		TOTAL (B)	744.695	844.486	1148.875
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.286	45.014	61.898
Less	FINANCIAL EXPENSES (D)		14.616	11.852	14.761
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.670	33.162	47.137
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.556	7.509	7.227
	PROFIT BEFORE TAX (E-F) (G)		10.114	25.653	39.910
Less	TAX (H)		3.459	7.865	13.044
	PROFIT AFTER TAX (G-H) (I)		6.655	17.788	26.866
	Earnings Per Share (Rs.)		6.77	18.75	32.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.86	2.00	2.22
Return on Total Assets (PBT/Total Assets}	(%)	1.84	4.00	7.82
Return on Investment (ROI) (PBT/Networth)		0.05	0.14	0.26
Debt Equity Ratio (Total Debt/Networth)		1.60	1.68	1.20
Current Ratio (Current Asset/Current Liability)		0.87	0.95	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	82.739	94.854	98.300
Reserves & Surplus	67.989	85.777	95.534
Net worth	150.728	180.631	193.834
long-term borrowings	65.923	117.476	118.603
Short term borrowings	114.513	185.847	191.684
Total borrowings	180.436	303.323	310.287
Debt/Equity ratio	1.197	1.679	1.601

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1210.773	889.500	776.981
		(26.535)	(12.650)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1210.773	889.500	776.981
Profit	26.866	17.788	6.655
	2.22%	2.00%	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	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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10269421	05/03/2011	120,600,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, P.O BOX NO. 165, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B07412182
2	10029607	03/01/2009 *	450,000,000.00	BANK OF BARODA	VISAKHAPATNAM BRANCH, 30-10-33/2, SAI SURYA COMPLEX, DABAGARDENS, VISAKHAPATNAM, ANDHRA PRADESH - 530020, INDIA	A55453641
3	10149693	28/03/2006	37,500,000.00	BANK OF BARODA	MAIN BRANCH, DABAGARDEWS, VISAKHAPATNAM, ANDHRA PRADESH - 530020, INDIA	A00426312

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	2.000	2.000
Total	2.000	2.000

REVIEW OF BUSINESS PERFORMANCE:

The Company registered a Net turnover of Rs. 776.981 Millions during the year as against the previous year’s figure of Rs.889.500 Millions thereby recording a decrease in turnover of 12.65%. The Company has earned a net profit of Rs.6.655 Millions for the year after providing for interest, depreciation and Income Tax as against the previous year’s figure of Rs.10.113 Millions. Both decrease in turnover and profit are due to power holiday declared by the State Government of Andhra Pradesh and also due prevailing sluggish and bad market conditions.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

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. 60.47
UK Pound	1	Rs. 100.15
Euro	1	Rs. 79.65

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.