MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	FERROMATIK MILACRON INDIA PRIVATE LIMITED (w.e.f.16.12.2010)
Formerly Known As :	FERROMATIK MILACRON INDIA LIMITED CINCINNATI MILACRON PRIVATE LIMITED
Registered Office :	53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.05.1995
Com. Reg. No.:	04-025783
Capital Investment / Paid-up Capital :	Rs. 268.983 Millions
CIN No.: [Company Identification No.]	U74999GJ1995FTC025783
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00035A
PAN No.: [Permanent Account No.]	AABCC0881D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Plastics Processing Machineries and Components thereof.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5770000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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.

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus on providing payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based : “A-”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October 2013

Rating Agency Name	ICRA
Rating	Short term non fund based : “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	October 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 31-03-2012.

INFORMATION DECLINED5 BY

Name :	Mr. Samir Parekh
Designation :	General Manager – Finance
Contact No.:	91-79-26440331
Date :	07.02.2014

LOCATIONS

Registered Office :	53, Madhuban, Near Madhalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26440331/ 25890081
Fax No.:	91-79-26421324
E-Mail :	mamatagroup@mamata.com samir_r_parekh@milacronindia.com corahm@bankofbaroda.com shirish_v_divgi@milacron.com servicefmi@milacron.com exportservicefmi@milacron.com servtek_India@milacron.com materials_fmil@milacron.com hrdfmi@milacron.com
Website :	http://www.milacronindia.com
Head Office/ Factory :	93/2 and 94/1, Phase – I, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25830063/ 25890133/ 25890081
Fax No.:	91-79-25830125/ 25898998
E-Mail :	salesfmi@milacron.com
Branch Offices :	Located at: · New Delhi · Mumbai · Chennai · Kolkata · Hyderabad · Bangalore · Chandigarh · Pune · Vapi · Coimbatore · Kerala

DIRECTORS

As on 03.09.2013

Name :	Mr. Shirish Vasantbhai Divgi
Designation :	Managing Director
Address :	A-504, Indraprasth-7, Near Judges Bunglow, Opposite Bodakdev Fire Station, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	25.10.1963
Date of Appointment :	03.09.2013
PAN No.:	ABWPD4352K
DIN No.:	06406186
Name :	Mr. Mahendra Narsinhbhai Patel
Designation :	Director
Address :	15, Kairavi Bungalow, Near Sarthi Hotel, Vastrapur Road, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	17.01.1949
Date of Appointment :	31.05.1995
DIN No.:	00104997
Name :	Mr. Narasinh Krishna Balgi
Designation :	Director
Address :	B – 401, Sumadhur – II, Near Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.06.1943
Qualification :	B.E.(Mech.)
Date of Appointment :	01.04.2011
DIN No.:	00163468
Name :	Mr. David Edward Lawrence
Designation :	Nominee Director
Address :	75 Duval Road, South Grosse Pointeshores Michigan, USA 48236
Date of Birth/Age :	15.01.1950
Date of Appointment :	29.12.2009
DIN No.:	02426697
Name :	Mr. John C Francy
Designation :	Nominee director
Address :	814, Tweed Avenue Cincinnati Ohio USA 45226
Date of Birth/Age :	24.10.1964
Date of Appointment :	13.09.2012
DIN No.:	05221251

KEY EXECUTIVES

Name :	Mr. Pradip Gajendrabhai Mistry
Designation :	Company Secretary
Address :	Bungalow 16, Sector 1, Kalhaar Bungalows Shilaj, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	15.12.1957
Date of Appointment :	01.06.1998
PAN No.:	AGAPM1318H
Name :	Mr. Samir Parekh
Designation :	General Manager – Finance
Name :	Bhalavat V.S.
Designation :	Chief Financial Officer
Date of Birth/Age :	54 Years
Qualification :	B.Com., A.C.A.
Experience :	33 Years
PAN No.:	AALPB4032A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2013

Names of Shareholders	No. of Shares
Milacron Marketing Company LLC, USA	2689730
Milacron Marketing Company LLC, USA Jointly with Milacron Plastics Technologies Group LLC, USA	100
Total	2689830

As on 03.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Plastics Processing Machineries and Components thereof.

Products/ Services :

ITC Code No.	Product Descriptions
84771000	Injection Moulding Machines
84773000	Blow Moulding Machines

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, 2^nd Floor, Bank of Baroda Towers, Opposite Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· ICICI Bank Limited, JMC House, Ahmedabad - 380006, Gujarat, India

· IDBI Bank Limited, IDBI Complex, Opposite Municipal Quarters, Off C. G. Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	15.000	35.000
SHORT TERM BORROWINGS
Working capital loans from banks	48.037	23.956
Total	63.037	58.956

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	Shivalik Ishan Building, Second Floor, Near CN Vidhyalaya, Ambavadi, Ahmedabad - 380015, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Fellow Subsidiary company :	· Ferromatik Milacron CA · Ferromatik Milacron GmbH · Milacron Equipamentos Plasticos Ltda · Milacron Marketing (Shanghai) Company Limited · Milacron Plastic Machinery (Jiangyin) Company Limited · Milacron Plastic Technologies Group LLC · Uniloy Milacron S.R.L.
Ultimate Holding company :	Milacron LLC
Holding company :	Milacron Marketing Company LLC

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 100/- each	Rs. 300.000 Millions
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,689,830	Equity Shares	Rs. 100/- each	Rs. 268.983 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	268.983	268.983	268.983
(b) Reserves & Surplus	1174.013	955.021	642.928
(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)	1442.996	1224.004	911.911
(3) Non-Current Liabilities
(a) long-term borrowings	15.000	35.000	55.000
(b) Deferred tax liabilities (Net)	43.123	38.530	33.491
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.186	22.903	19.295
Total Non-current Liabilities (3)	82.309	96.433	107.786
(4) Current Liabilities
(a) Short term borrowings	48.037	23.956	30.192
(b) Trade payables	692.400	480.491	527.261
(c) Other current liabilities	280.613	449.501	439.352
(d) Short-term provisions	263.940	79.858	70.519
Total Current Liabilities (4)	1284.990	1033.806	1067.324
TOTAL	2810.295	2354.243	2087.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	756.792	760.948	519.256
(ii) Intangible Assets	44.120	69.981	98.300
(iii) Capital work-in-progress	2.659	0.400	16.531
(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	40.560	44.048	56.016
(e) Other Non-current assets	0.325	1.400	0.100
Total Non-Current Assets	844.456	876.777	690.203
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	919.114	731.499	828.931
(c) Trade receivables	475.920	312.793	191.616
(d) Cash and cash equivalents	438.252	373.089	282.302
(e) Short-term loans and advances	115.562	48.311	83.196
(f) Other current assets	16.991	11.774	10.773
Total Current Assets	1965.839	1477.466	1396.818
TOTAL	2810.295	2354.243	2087.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4604.000	4068.000	3581.290
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		708.980	609.780	664.770
Less	FINANCIAL EXPENSES (D)		21.710	55.250	26.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		687.270	554.530	638.160
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.580	90.960	66.180
	PROFIT BEFORE TAX (E-F) (G)		584.690	463.570	571.980
Less	TAX (H)		192.620	151.480	191.870
	PROFIT AFTER TAX (G-H) (I)		392.070	312.090	380.110
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		936.020	623.930	446.200
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	0.000	202.380
		Proposed Dividend	147.940	0.000	0.000
		Tax on Dividend	25.140	0.000	0.000
	BALANCE CARRIED TO THE B/S		1115.010	936.020	623.930
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1272.294	1046.465	826.319
	Earnings Per Share (Rs.)		145.76	116.03	141.31

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	12.70	11.40	15.97
Return on Total Assets (PBT/Total Assets}	(%)	20.82	19.69	27.63
Return on Investment (ROI) (PBT/Networth)		0.41	0.38	0.63
Debt Equity Ratio (Total Debt/Networth)		0.04	0.05	0.09
Current Ratio (Current Asset/Current Liability)		1.53	1.43	1.31

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current maturities of long-term debt	20.000	20.000	20.000

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	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

LITIGATION DETAILS

NOTE: MATTER CONVERTED TO TAXAP/1549/2011.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10082606	26/08/2011 *	220,000,000.00	BANK OF BARODA	2ND FLOOR, BANK OF BARODA TOWERS, OPPOSSITE LAW GARDEN, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B20604971
2	80010854	05/08/2011 *	220,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B19815232

* Date of charge modification

CORPORATE INFORMATION

Subject is engaged in the manufacturing and selling of plastics processing machineries and components thereof.

PERFORMANCE OF THE COMPANY

During the year, company registered 13.18% (Rs.4604.000 millions over Rs. 4068.000 millions) growth compared to the sales growth of 13.04% in the previous year. Growth in sales volumes was driven by demand in Packaging and construction segments. The Board is pleased to inform that the company has registered growth in spite of contraction in demand of capital goods in general and 20% in plastic processing machineries in particular.

Continued high inflation reduced the consumption, slowed down the growth rate of economy during the year. Demand for machinery remained subdued in the previous year. Thus the new business intake remained at 2011-12 level.

Company expanded the customer base to 1412 nos. domestic and 235 nos. exports, having added new customers 208 nos. domestic and 25 nos. export customers.

Company maintained its position as large IMM builder having delivered 3200 Ton Maxima, the largest machine built in the country so far, to leading multinational auto component molder in November 2012.

The company achieved a landmark of delivering 7001st machine during the year.

To meet up the industry expectations, company expanded the energy efficient Nova Servo machine range. The portfolio of the All Electric-Elektron machines was further expanded by adding models 200,275,350 and 450.

Increase in input material cost due to increase in prices of steel, castings, copper and labour kept pressure on margins. During the year company has made profit before tax of Rs.584.690 millions as compared to Rs.463.570 millions of previous year.

OPERATIONS

Operations team had taken up focused inventory reduction programme as well as productivity improvement through 5S implementation. Both these initiatives progressing well and are expected to help improving the operational efficiency.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

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. 62.32
UK Pound	1	Rs. 101.78
Euro	1	Rs. 84.68

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.