MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	MILTECH INDUSTRIES PRIVATE LIMITED
Formerly Known As :	NITYANAND PACKAGING AND ALLIED INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No.F-27/1, M.I.D.C. Industrial Area, Hingna Road, Nagpur – 440 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.05.1982
Com. Reg. No.:	11-027274
Capital Investment / Paid-up Capital :	Rs.113.610 millions
CIN No.: [Company Identification No.]	U74950MH1982PTC027274
PAN No.: [Permanent Account No.]	AAACN8953B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of plastic moulded components for the defence, automobile, white goods, electronics, and furniture sectors, also trades in products such as charcoal, thermo-mechanically treated bars, mild steel beams, channels and sheets.
No. of Employees :	Information declined by management

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 1120000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has reported a very low profit margin during 2013. The company possess an acceptable financial profile marked by modest networth. However, trade relations are fair. Business is active. Payment terms are reported as slow. In view of reputed client base, the company can be considered for business dealings with caution.

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 onproviding 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	CRISIL
Rating	Long Term Rating: B- (Suspended)
Rating Explanation	High risk of default regarding timely servicing of financial obligations.
Date	May 23, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 23, 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 DECLINED BY

Name :	Mr. Kamlesh Goyal
Designation :	Company Secretary
Contact No.:	91-7104-237210
Date :	06.02.2014

LOCATIONS

Registered Office/ Head Office/ Factory 1 :	Plot No.F-27/1, M.I.D.C. Industrial Area, Hingna Road, Nagpur – 440 016, Maharashtra, India
Tel. No.:	91-7104-237451/ 237210/ 237574/ 237488
Fax No.:	91-7104-237573
E-Mail :	kkgoyal@miltechindustries.com miltech_ngp@sancharnet.in sujaramu1@rediffmail.com
Website :	http://www.miltechindustries.com
Area :	10000 sq. ft.
Location:	Owned
Factory 2 :	Plot No.D-38 and D-49, MIDC, Ranjangaon, Taluka Shirur, District Pune – 412 220, Maharashtra, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Govindlal Nityanand Agarwal
Designation :	Executive Director
Address :	80, Ring Road, Kotwal Nagar, Nagpur – 440 015, Maharashtra, India
Date of Birth/Age :	25.05.1937
Date of Appointment :	31.05.1982
PAN No.:	AAKPA1669B
Election Commission Card No.:	MT/23/136/264214
DIN No.:	00567297
Name :	Mr. Pradeep Govindlal Agrawal
Designation :	Director
Address :	80, Ring Road, Kotwal Nagar, Nagpur – 440 015, Maharashtra, India
Date of Birth/Age :	15.12.1961
Date of Appointment :	07.06.1984
PAN No.:	AAKPA1670Q
Election Commission Card No.:	MT/23/136/264409
DIN No.:	00567331
Name :	Mr. Gulabrao Nathuji Patankar
Designation :	Director
Address :	Bandu Soni Layout, Bhamati, Parsodi, Nagpur, Maharashtra, India
Date of Birth/Age :	26.02.1952
Date of Appointment :	10.06.1999
PAN No.:	ACGPP3313D
DIN No.:	00567320
Name :	Mr. Satish Ghanshamdasji Laddhad
Designation :	Director
Address :	Laddhad House, Gorepeth, Opposite G.S. College, Nagpur – 440 010, Maharashtra, India
Date of Birth/Age :	20.05.1960
Date of Appointment :	10.06.1999
DIN No.:	00567353
Name :	Mr. Harish Veljibhai Mirani
Designation :	Additional Director
Address :	Flat No.303 Shaswati Niwas, Congress Nagar, 3^rd Floor, Opposite New English, Nagpur – 440 012, Maharashtra, India
Date of Birth/Age :	26.06.1960
Date of Appointment :	05.10.2013
DIN No.:	01730860

KEY EXECUTIVES

Name :	Mr. Kamlesh Goyal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Govindlal Agarwal	78540
Shardadevi Agarwal	10500
Pradeep Agarwal	587540
Vanita Agarwal	2092000
Gaurav Agarwal	11220
HUF of Pradeep	200200
Niharika Trust, India	100000
Shweta Jain	150000
Sunanda Saraf	25000
Wood Preservers Private Limited, India	1284000
Dada Dharamnath Timber Company Private Limited, India	3949000
Nityanand Udyog Private Limited, India	73000
Total	8561000

Names of Shareholders (Preference Shares)	No. of Shares
Dada Dharamnath Timber Company Private Limited, India	1800000
Vanita Enterprises, India	1000000
Total	2800000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	62.00
Directors or relatives of directors	35.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of plastic moulded components for the defence, automobile, white goods, electronics, and furniture sectors, also trades in products such as charcoal, thermo-mechanically treated bars, mild steel beams, channels and sheets.

Products :

Description of product	ITC Code No.
Semi-finished products of plastic	39269009

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

· State Bank of India, Industrial Finance Branch, The Arcade, 2^nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks (Repayable Rs.41.821 millions in 2014-15 and balance Rs.2.572 millions in 2015-16)	38.812	80.018
Loans taken for vehicles (Car loan are secured by hypothecation of car) (Repayable Rs.2.536 millions in 2014-15 and balance Rs.0.640 million in 2015-16)	6.136	6.136
Loans taken for other fixed assets (Secured against hypothecation of machinery repayable Rs.7.296 millions in 2014-15 and balance Rs.4.425 millions in 2015-16.)	11.721	15.429
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	112.329	0.000
Working capital loans from banks	0.000	113.522
Other loans and advances (Secured against Hypothecation of Stock and Book Debts with Margin Money 10%)	5.757	8.147
Total	174.755	223.252

Banking Relations :	--
Auditors :
Name :	Loya Bagri and Company Chartered Accountants
Address :	Popular Market, Gaandhibagh, Nagpur, Maharashtra, India
PAN No.:	AAAFL2608P
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Wood Preservers Private Limited, India (CIN No.: U45202MH1970PTC014610) · Nityanand Udyog Private Limited, India (CIN No.: U24100MH1976PTC018874) · Vanita Enterprises, India

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital : Rs.140.000 millions

Issued, Subscribed & Paid-up Capital : Rs.113.610 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 millions
3000000	Preference Shares	Rs.10/- each	Rs.30.000 millions
	Total		Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8561000	Equity Shares	Rs.10/- each	Rs.85.610 millions
2800000	Preference Shares	Rs.10/- each	Rs.28.000 millions
	Total		Rs.113.610 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	113.610	113.610	113.610
(b) Reserves & Surplus	106.376	104.179	96.056
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	60.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	279.986	217.789	209.666
(3) Non-Current Liabilities
(a) Long-term borrowings	88.460	150.858	179.306
(b) Deferred tax liabilities (Net)	7.443	12.041	14.046
(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)	95.903	162.899	193.352
(4) Current Liabilities
(a) Short term borrowings	118.136	122.000	131.045
(b) Trade payables	175.269	59.825	52.893
(c) Other current liabilities	193.197	149.299	113.573
(d) Short-term provisions	3.301	7.999	12.114
Total Current Liabilities (4)	489.903	339.123	309.625
TOTAL	865.792	719.811	712.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	262.567	267.959	264.478
(ii) Intangible Assets	0.299	0.211	0.466
(iii) Capital work-in-progress	20.792	11.361	9.698
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.033	0.033	0.033
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.721	18.963	11.393
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	301.412	298.527	286.068
(2) Current assets
(a) Current investments	0.000	0.000	0.803
(b) Inventories	247.148	255.830	192.549
(c) Trade receivables	188.275	131.643	167.828
(d) Cash and cash equivalents	18.612	11.045	29.789
(e) Short-term loans and advances	109.980	17.598	35.361
(f) Other current assets	0.365	5.168	0.245
Total Current Assets	564.380	421.284	426.575
TOTAL	865.792	719.811	712.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales (Without Excise, VAT and CST Collection)	744.200	671.200	627.900
		Other Income	3.977	8.408	NA
		TOTAL	748.177	679.608	NA
Less	EXPENSES
		Office Expenses	709.442	627.097	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	709.442	627.097	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		38.735	52.511	NA
Less/ Add	DEPRECIATION/ AMORTISATION		34.881	36.504	NA
	PROFIT/ (LOSS) BEFORE TAX		3.854	16.007	44.937
	TAX		2.950	3.550	11.620
	PROFIT/ (LOSS) AFTER TAX		2.197	12.028	33.317
	EARNINGS IN FOREIGN CURRENCY		51.571	34.751	42.302
	Earnings/ (Loss) Per Share (Rs.)		0.26	1.06	2.93

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.29	1.77	NA
Net Profit Margin (PBT/Sales)	(%)	0.52	2.38	7.16
Return on Total Assets (PBT/Total Assets}	(%)	0.46	2.26	6.39
Return on Investment (ROI) (PBT/Networth)		0.01	0.07	0.21
Debt Equity Ratio (Total Debt /Networth)		0.74	1.25	1.48
Current Ratio (Current Asset/Current Liability)		1.15	1.24	1.38

LOCAL AGENCY FURTHER INFORMATION

Details of Current maturities of long-term debt:

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	0.000	49.736	38.756

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	Yes
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	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	Yes
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	10393530	22/12/2012	15,238,020.00	INTEC CAPITAL LIMITED	701, MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B64699580
2	90243789	09/06/2009 *	352,100,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTER, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A63564025
3	90228398	04/10/1993 *	4,350,000.00	STATE BANK OF INDIA	KINGSWAY, NAGPUR, MAHARASHTRA, INDIA	-
4	90228390	05/10/1994 *	4,300,000.00	STATE BANK OF INDIA	KINGSWAY, NAGPUR, MAHARASHTRA, INDIA	-
5	90228387	20/03/1991	5,100,000.00	STATE BANK OF INDIA	MAIN BRANCH; KINGSWAY, NAGPUR, MAHARASHTRA, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Deferred sales tax loan	23.115	21.818
Loans and advances from related parties	8.676	27.457
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	0.000	0.295
Loans and advances from others	0.050	0.036
Total	31.841	49.606

FINANCIAL RESULTS:

During the year 2012-13, company registered a total turnover of Rs.820.300 millions. There is reasonable increase in turnover but there is some derease in net business profit. The overall effect shows net profit of Rs.3.854 millions before tax. Thus there is decrease in Net Profit. Although there were all efforts by directors and good work by staff and workers of the Company but the company could not bag big profit contracts. Company has set up a very prestigious and big unit at D- 38 Ranjangaon MIDC Taluka: Sirur, District: Pune, before 8 years. It had started commercial production by August, 2005. This is eight year of its operation, the interest burden and depreciation was very high during first some years still the profit & Loss A/c shows good profit. New products were developed and they were approved by Defence Department and Private Companies. Company’s goodwill is increasing day by day. Company is continuously investing funds in new machines and moulds. The Board of Directors promises to the members to further increase the turnover and net profit in coming years.

CONTINGENT LIABILITIES (As on 31.03.2013):

a) Guarantees issued by the bank on behalf of the company amounts to Rs.2.744 millions.

b) Corporate Guarantee issued by the company in favour of Axis Bank Limited. On behalf of a company in which directors are interested for Rs.27.000 millions, outstanding balance as on 31.3.2012 is Rs.17.672 millions.

c) VAT and CST demand including interest and penalty for the year 2005-06 Rs.1.639 millions against which the company has preferred Appeal. A sum of Rs.0.250 million has been paid against the above demand and is included in loans and advances.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and fixtures

· Vehicles

· Computer Equipment

· Office Equipment

Intangible Assets

· 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.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.