MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	MIKI WIRE WORKS PRIVATE LIMITED
Registered Office :	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.11.1987
Com. Reg. No.:	03-002782
Capital Investment / Paid-up Capital :	Rs.12.442 Millions
CIN No.: [Company Identification No.]	U27104JH1987PTC002782
PAN No.: [Permanent Account No.]	AABCM2858E
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of Steel Wire, Miki, Wire, Rope, PC Stand, Spring Steel Wire, Rolling Shutter Wire, Rib Wire, Pre Stress Concrete Wire, Tiller, Spring Wire, Irpc Stand, Indented Wire.
No. of Employees :	61 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 531000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal for business dealings at usual 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 – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	SME 2
Rating Explanation	High credit worthiness
Date	July, 2014

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Narayan
Designation :	Accountant
Contact No.:	91-9570610015
Date :	29.11.2014

LOCATIONS

Registered Office :	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2213625, 3292898, 3290214
Mobile No.:	91-9570610015 (Mr. Narayan)
Fax No.:	91-651-2212175
E-Mail :	ranchi@mikiwire.co.in works@mikiwire.co.in
Website :	http://www.mikiwire.co.in
Manufacturing Unit :	Located at : Nagpur Ranchi Vishakhapatnam Bangalore

DIRECTORS

AS ON: 29.09.2014

Name :

Mr. Mahesh Poddar

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

14.11.1949

Date of Appointment :

12.01.2007

DIN No.:

00098071

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	12/01/2007	25/11/1987	-	Active	NO
2	U27109KA1991PTC011583	MIKI STEEL WORKS PRIVATE LIMITED	Managing director	17/02/1991	17/02/1991	-	Active	NO
3	U00330JH1991PTC004528	VIKA MANUFACTURING COMPANY PVT. LTD.	Managing director	29/06/2007	01/03/1993	-	Active	NO
4	U30300KA1995PTC018154	SHILPI WIRE ROPE PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
5	U31300AP1977PLC002151	VISAKHA WIRE ROPES LIMITED	Director	04/08/2005	04/08/2005	-	Active	NO
6	U27106JH2005PTC011721	SHRI RAM WIRE PRODUCTS PRIVATE LIMITED	Whole-time director	07/11/2005	07/11/2005	-	Active	NO
7	U29130WB1970NPL027659	STEEL WIRE MANUFACTURERS 'ASSOCIATION OF INDIA	Director	28/09/2006	28/09/2006	-	Active	NO
8	U27200JH2011PTC014619	SHRI RAM STEELWIRE NAGPUR PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO

Name :

Ms. Nirmala Poddar

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

15.07.1953

Date of Appointment :

25.11.1987

DIN No.:

00370769

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	25/11/1987	25/11/1987	-	Active	NO
2	U27109KA1991PTC011583	MIKI STEEL WORKS PRIVATE LIMITED	Director	17/01/1991	17/01/1991	-	Active	NO

Name :

Mr. Pawan Kumar Pacheriwala

Designation :

Managing Director

Address :

973A, New Tavopan Colony, Kokar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

07.10.1963

Date of Appointment :

12.01.2007

DIN No.:

00370830

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	U00330JH1991PTC004528	VIKA MANUFACTURING COMPANY PVT. LTD.	Director	16/07/1991	16/07/1991	-	Active	NO
2	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Managing director	12/01/2007	15/12/2003	-	Active	NO
3	U26921JH2004PTC010824	BAJRANG PRESTRESSED PRODUCTS PRIVATE LIMITED	Whole-time director	07/07/2004	07/07/2004	-	Active	NO
4	U27209WB1984PLC037484	MUVA INDUSTRIES LIMITED	Director	29/09/2012	11/08/2008	-	Active	NO

Name :

Mr. Kailash Chand Sharma

Designation :

Director

Address :

504, Deepak Apartments, Bye Lane Cart, Sarai Road, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

23.04.1962

Date of Appointment :

12.01.2007

DIN No.:

01348976

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	12/01/2007	12/01/2007	-	Active	NO
2	U27106JH2005PTC011721	SHRI RAM WIRE PRODUCTS PRIVATE LIMITED	Director	15/01/2007	15/01/2007	-	Active	NO
3	U27200JH2011PTC014619	SHRI RAM STEELWIRE NAGPUR PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 29.09.2014

Names of Shareholders	No. of Shares
Mahesh Poddar	82375
Nirmala Poddar	37560
Shilpi Poddar	20
Malvika Poddar	3705
Krishna Kumar Sahu	50
Gauri Shankar Bharatia	10
Manish Khanrelwal	10
Geeta Devi Sharma	660
Sanwarmal Tibrewal	10
Sunil Kumar Tiberiwal	10
Chiranji Lal Agarwal	10
Total	124420

AS ON: 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty (50) shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporting of Steel Wire, Miki, Wire, Rope, PC Stand, Spring Steel Wire, Rolling Shutter Wire, Rib Wire, Pre Stress Concrete Wire, Tiller, Spring Wire, Irpc Stand, Indented Wire.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Nepal Bangladesh
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS AS ON 31.03.2014

Particulars	Unit	Quantity
HTS (Standard) Wire (4005)	MT	4616.00
Steel Rope (4005)	MT	--
Steel Wire (4002)	MT	12701.50
Steel Scrap (4002)	MT	220.340

GENERAL INFORMATION

Supplier :	Not Divulged
Customer :	Not Divulged
No. of Employees :	61 (Approximately)
Bankers :	Axis Bank Limited, Ranchi Branch, MCMC Ranchi Centre, Main Road Near Albert Ekka Chowk, H B Road, Ranchi – 834001, Jharkhand, India The Federal Bank Limited, Federal Towers, Building No. 103, Alwaye, Eranakulam-683101, Kerala, India State Bank of India, Commercial Branch, Ranchi, Jharkhand, India

Banking Relations :	--
Auditors :
Name :	R.K. Garodia and Company Chartered Accountants
Address :	202, Sai Appartment, Kutchery Road, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2203343 / 2207744
Mobile No.:	91-9835168852 / 9334439690
PAN No. :	AADFR6274J
Name :	M/s R. K. Agrawal and Company Cost Auditor
Address :	H. B. Raod, Kokar, Ranchi-834001, Jharkhand, India
Tel. No.:	91-651-2543331
Mobile No.:	91-9431063147

CAPITAL STRUCTURE

AS ON: 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124420	Equity Shares	Rs.100/- each	Rs.12.442 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.442	12.442	12.442
(b) Reserves & Surplus	173.405	170.287	167.303
(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)	185.847	182.729	179.745
(3) Non-Current Liabilities
(a) long-term borrowings	14.694	19.473	23.638
(b) Deferred tax liabilities (Net)	2.535	2.943	3.114
(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)	17.229	22.416	26.752
(4) Current Liabilities
(a) Short term borrowings	77.680	12.971	107.547
(b) Trade payables	0.798	130.237	29.253
(c) Other current liabilities	4.369	2.677	6.032
(d) Short-term provisions	0.009	0.000	0.000
Total Current Liabilities (4)	82.856	145.885	142.832
TOTAL	285.932	351.030	349.329
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.116	53.032	54.398
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	6.478	6.292	8.980
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.594	59.324	63.378
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	83.611	113.771	77.764
(c) Trade receivables	81.610	111.402	120.026
(d) Cash and cash equivalents	4.380	16.873	41.142
(e) Short-term loans and advances	19.249	11.238	21.434
(f) Other current assets	44.488	38.422	25.585
Total Current Assets	233.338	291.706	285.951
TOTAL	285.932	351.030	349.329

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover (Including Given all Expenditure)	815.908	864.336	906.338
		Other Income			10.364
		TOTAL	815.908	864.336	916.702
Less	EXPENSES
		TOTAL	NA	NA	900.918
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	15.784
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	8.060
	PROFIT BEFORE TAX		NA	NA	7.724
Less	TAX		NA	NA	2.356
	PROFIT AFTER TAX		4.053	4.477	5.368
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	34.772	29.404
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	0.000
	BALANCE CARRIED TO THE B/S		NA	NA	34.772
	Earnings Per Share (Rs.)		32.58	35.98	43.14

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.50	0.52	0.59
Operating Profit Margins (PBTIT / Sales)	(%)	NA	NA	1.72
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	2.21
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.04
Debt Equity Ratio (Total Debt /Networth)		0.50	0.18	0.73
Current Ratio (Current Asset/Current Liability)		2.82	2.00	2.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.442	12.442	12.442
Reserves & Surplus	167.303	170.287	173.405
Net worth	179.745	182.729	185.847
long-term borrowings	23.638	19.473	14.694
Short term borrowings	107.547	12.971	77.680
Total borrowings	131.185	32.444	92.374
Debt/Equity ratio	0.730	0.178	0.497

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	916.702	864.336	815.908
		(5.712)	(5.603)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	916.702	864.336	815.908
Profit	5.368	4.477	4.053
	0.59%	0.52%	0.50%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10258027	10/07/2014 *	244,900,000.00	AXIS BANK LIMITED	MCMC CENTRE, RANCHI BRANCH, NEAR ALBERT EKKA CHOWK, H B ROAD, RANCHI, JHARKHAND - 834001, INDIA	C12707444

* Date of charge modification

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. 61.97
UK Pound	1	Rs.97.37
Euro	1	Rs. 77.16

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.