MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	SHIV SHAKTI EXTRACTIONS PRIVATE LIMITED
Registered Office :	Plot No A-7, Supa-Parner M.I.D.C., Taluka Parner, District Ahmednagar - 414301, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.07.1999
Com. Reg. No.:	11-015768
Capital Investment / Paid-up Capital :	Rs. 21.000 Million
CIN No.: [Company Identification No.]	U15143PN1999PTC015768
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCS1567C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Exporter and Trader of Soyabean Oil Cake and Soyabean Refined Oil.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per ROC the date of balance sheet (i.e, financial filed) is shown 31.03.2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial of 2013, the profit margin of the company seems to be low. However, trade relations are reported as fair. Business is active. Payments terms 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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. Vikas Bhai
Designation :	Manager
Contact No.:	91-2488-213197
Date :	15.12.2014

LOCATIONS

Registered Office / Factory :	Plot No A-7, Supa-Parner M.I.D.C., Taluka Parner, District Ahmednagar - 414301, Maharashtra, India
Tel. No.:	91-2488-213197
Mobile No.:	91-9822046635 (Mr. Rasika)
Fax No.:	91-2488-213197
E-Mail :	Shivshakti111@gmail.com
Location :	Leased

DIRECTORS

As on 30.09.2014

Name :

Mr. Pravinkumar Ravjibhai Patel Ghetia

Designation :

Director

Address :

Shyamsundar Arcade Vikas Chowk, Neminathnagar, Sangli – 416416, Maharashtra, India

Date of Birth/Age :

08.03.1953

Date of Appointment :

24.07.1999

DIN No.:

00398032

PAN No.:

ABJPG7475P

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	U00000PN1992PTC065000	RADHEKRISHNA EXTRACTIONS PRIVATE LIMITED	Whole-time director	30/03/2012	22/11/1992	-	Active	NO
2	U15143PN1999PTC015768	SHIV SHAKTI EXTRACTIONS PRIVATE LIMITED	Director	24/07/1999	24/07/1999	-	Active	NO
3	U15140MH1996PTC102954	SONALEE EXTRACTIONS PRIVATE LIMITED	Director	25/09/1999	25/09/1999	-	Active	NO
4	U15140MH2002PTC138381	RAJARAM FOODS PRIVATE LIMITED	Director	24/12/2002	24/12/2002	01/02/2009	Active	NO

Name :

Mr. Praful Vithaldas Patel Ghetia

Designation :

Director

Address :

Shyamsundar Arcade Vikas Chowk, Neminathnagar, Sangli – 416416, Maharashtra, India

Date of Birth/Age :

14.03.1960

Date of Appointment :

24.07.1999

DIN No.:

00398096

PAN No.:

AARPG0149B

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	U00000PN1992PTC065000	RADHEKRISHNA EXTRACTIONS PRIVATE LIMITED	Managing director	22/11/1992	22/11/1992	-	Active	NO
2	U15140MH1996PTC102954	SONALEE EXTRACTIONS PRIVATE LIMITED	Director	07/09/1998	07/09/1998	-	Active	NO
3	U15143PN1999PTC015768	SHIV SHAKTI EXTRACTIONS PRIVATE LIMITED	Director	24/07/1999	24/07/1999	-	Active	NO
4	U15140MH2002PTC138381	RAJARAM FOODS PRIVATE LIMITED	Director	24/12/2002	24/12/2002	01/02/2009	Active	NO

Name :

Mr. Piyush Ramjibhai Patel Ghetia

Designation :

Director

Address :

Shyamsundar Arcade Vikas Chowk, Neminathnagar, Sangli – 416416, Maharashtra, India

Date of Birth/Age :

17.10.1960

Date of Appointment :

24.07.1999

DIN No.:

00643208

PAN No.:

ABWPG0949B

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	U00000PN1992PTC065000	RADHEKRISHNA EXTRACTIONS PRIVATE LIMITED	Whole-time director	30/03/2012	22/11/1992	-	Active	NO
2	U15140MH1996PTC102954	SONALEE EXTRACTIONS PRIVATE LIMITED	Managing director	30/08/1997	30/08/1997	-	Active	NO
3	U15143PN1999PTC015768	SHIV SHAKTI EXTRACTIONS PRIVATE LIMITED	Director	24/07/1999	24/07/1999	-	Active	NO

Name :

Mr. Hashmukhrai Ravjibhai Patel Ghetia

Designation :

Director

Address :

L 225, Krishna Enclave, Near Hotel Natraj, Aurangabad Road, Ahmednagr – 414001, Maharashtra, India

Date of Birth/Age :

15.06.1947

Date of Appointment :

24.07.1999

DIN No.:

00398195

PAN No.:

ABJPG7455R

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	U00000PN1992PTC065000	RADHEKRISHNA EXTRACTIONS PRIVATE LIMITED	Director	22/11/1992	22/11/1992	-	Active	NO
2	U15143PN1999PTC015768	SHIV SHAKTI EXTRACTIONS PRIVATE LIMITED	Director	24/07/1999	24/07/1999	-	Active	NO

Name :

Mr. Jayendra Ravjibhai Patel Ghetia

Designation :

Director

Address :

Plot No A-7, M.I.D.C Supa Parner, Ahmednagar – 414302, Maharashtra, India

Date of Birth/Age :

05.06.1952

Date of Appointment :

24.07.1999

DIN No.:

00398240

PAN No.:

AAPPG9222P

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	U00000PN1992PTC065000	RADHEKRISHNA EXTRACTIONS PRIVATE LIMITED	Director	22/11/1992	22/11/1992	-	Active	NO
2	U15143PN1999PTC015768	SHIV SHAKTI EXTRACTIONS PRIVATE LIMITED	Director	24/07/1999	24/07/1999	-	Active	NO

Name :

Mr. Prabhudas Ramjibhai Ghetia

Designation :

Director

Address :

203/27, Krishna Enclave, Near Mahesh Talkies, RTO Chowk, Ahmednagar – 414001, Maharashtra, India

Date of Birth/Age :

01.07.1957

Date of Appointment :

24.07.1999

DIN No.:

00331499

PAN No.:

ABWPG0947R

Name :

Mr. Rajeshkumar Ramjibhai Ghetiya

Designation :

Director

Address :

Plot No A/7, Supa M.I.D.C, Taluka Parner, Ahmednagar – 414001, Maharashtra, India

Date of Birth/Age :

22.09.1964

Date of Appointment :

24.07.1999

DIN No.:

00331984

PAN No.:

ACNPP0614J

KEY EXECUTIVES

Name :	Mr. Vikas Bhai
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDER DETAILS FILE ATTACHED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporter and Trader of Soyabean Oil Cake and Soyabean Refined Oil.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Good
Countries :	Indonesia Thailand China
Imports :	Not Divulged
Terms :
Selling :	Cash and L/C
Purchasing :	Cash and L/C

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Wholesalers, Retailers and Manufacturer

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Ahmednagar Main Branch, Hotel Tulsi Vihar Building, Manik Chowk, Behind City Police Station, Ahmednagar–414001,Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	--

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
Working capital loans from banks	277.141	33.213
Total	277.141	33.213

Auditors :
Name :	Abhay Bhandari and Company Chartered Accountant
Address :	Pooja Complex,Opposite Ahmednagar College, Chandani Chowk, Ahmednagar – 414001, Maharashtra, India
PAN No.:	AAUPB8083C
Memberships :	--
Collaborators :	--
Associates :	Radhakrishna Extractions Private Limited, India CIN No.: U00000PN1992PTC065000 Krishna Oil Cake Industries Shiv Traders, India Krishna Industris, Rajkot, Gujrat Radhekrishna Builders R. R. Developers, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.10/- each	Rs. 21.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.10/- each	Rs. 21.000 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	21.000	21.000	21.000
(b) Reserves & Surplus	48.029	44.001	36.851
(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)	69.029	65.001	57.851
(3) Non-Current Liabilities
(a) long-term borrowings	64.242	50.150	60.372
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.102	2.139	2.264
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	66.344	52.289	62.636
(4) Current Liabilities
(a) Short term borrowings	277.141	33.213	81.721
(b) Trade payables	4.621	1.754	1.298
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	4.026	2.152	2.209
Total Current Liabilities (4)	285.788	37.119	85.228
TOTAL	421.161	154.409	205.715
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.311	54.604	58.300
(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	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.430	1.305	1.305
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	53.746	55.914	59.610
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.048	26.439	103.605
(c) Trade receivables	44.728	10.336	13.499
(d) Cash and cash equivalents	276.095	41.796	26.261
(e) Short-term loans and advances	4.544	19.924	2.740
(f) Other current assets	0.000	0.000
Total Current Assets	367.415	98.495	146.105
TOTAL	421.161	154.409	205.715

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	TOTAL REVENUE	1265.606	1097.021	739.625
Less	EXPENSES	1253.037	1081.930	728.028
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	12.569	15.091	11.597
Less/ Add	DEPRECIATION/ AMORTISATION	5.930	6.449	7.155
	PROFIT BEFORE TAX	6.639	8.642	4.442
Less	TAX	2.611	1.492	0.638
	PROFIT AFTER TAX	4.028	7.150	3.804
	EARNINGS IN FOREIGN CURRENCY	224.135	179.493	216.212
	Earnings Per Share (Rs.)	1.92	3.40	1.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.32	0.65	0.51
Return on Total Assets (PBT/Total Assets}	(%)	1.58	5.60	2.16
Return on Investment (ROI) (PBT/Networth)		0.10	0.13	0.08
Debt Equity Ratio (Total Debt /Networth)		4.95	1.28	2.46
Current Ratio (Current Asset/Current Liability)		1.29	2.65	1.71

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	21.000	21.000	21.000
Reserves & Surplus	36.851	44.001	48.029
Net worth	57.851	65.001	69.029
long-term borrowings	60.372	50.150	64.242
Short term borrowings	81.721	33.213	277.141
Total borrowings	142.093	83.363	341.383
Debt/Equity ratio	2.456	1.282	4.946

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)
Total Revenue	739.625	1097.021	1265.606
		48.321	15.368

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	739.625	1097.021	1265.606
Profit	3.804	7.150	4.028
	0.51%	0.65%	0.32%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and advances from directors	64.242	50.150
Total	64.242	50.150

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10076049	18/10/2007	45,000,000.00	BANK OF BARODA	AHMEDNAGAR MAIN, BRANCH, AHMEDNAGAR, Maharashtra - 414001, INDIA	A27198423
2	90092356	19/11/2003	30,000,000.00	BANK OF BARODA	AHMEDNAGAR, AHMEDNAGAR, Maharashtra, INDIA	-
3	80024374	04/10/2012 *	310,000,000.00	BANK OF BARODA (AHMEDNAGAR MAIN Branch)	HOTEL TULSI VIHAR BUILDING, MANIK CHOWK, BEHIND CITY POLICE STATION, AHMEDNAGAR, Maharashtra - 414001, INDIA	B60402583

* Date of charge modification

FIXED ASSETS

• Land and Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.31
UK Pound	1	Rs.98.67
Euro	1	Rs.78.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.