MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	GATES INDIA PRIVATE LIMITED [w.e.f. 12.09.2000]
Formerly Known As :	ANAND GATES (INDIA) PRIVATE LIMITED
Registered Office :	C-434, Defence Colony, New Delhi – 110024
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.09.1995
Com. Reg. No.:	55-072863
Capital Investment / Paid-up Capital :	Rs.906.861 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC072863
TAN No.: [Tax Deduction & Collection Account No.]	DELG06229G
PAN No.: [Permanent Account No.]	AAACA8125F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Marketing Rubber Hoses and Assembly Hoses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 6100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “TOMKINS PLC, United Kingdom”. It is an established company having satisfactory track. The company possesses a favourable financial profile marked by adequate net-worth base and appreciable capital structure with no external borrowings recorded in the books. Management has witnessed a dip in its net profitability. However, has reported a decent profit margin during 2013. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of long standing presence, the subject can be considered 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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.

LOCATIONS

Registered Office :	C-434, Defence Colony, New Delhi – 110024, India
Tel. No.:	91-1762-506881 / 506888 / 506889
Mobile No.:	91-9811006873
Fax No.:	91-1762-506833
E-Mail :	kk0602@gates.com sandeep.kalia@gates.com kkant@gatesind.com
Website :	https://ww2.gates.com
Factory / Plant Address for High Pressure Hydraulic and Industrial Hoses 1 :	Ambala Chandigarh Highway, P.O. Lalru-140501, Punjab, India
Tel No.:	91-1762-506886
Fax No.:	91-1762-506833
Corporate Office :	3rd Floor, Bldg. # 10, Tower C, DLF Cyber City, Phase 2, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4933509
Plant Address for Hoses and Belts 2 :	Plot No.133-134, Sector 59, Phase 2, Faridabad -121 006, Haryana, India
Tel No.:	91-129-4109891
Plant Address for Hoses and Belts 3 :	Located At : Tamilnadu Pune

DIRECTORS

AS ON: 28.09.2013

Name :

Mr. Kamal Kant Gambhir

Designation :

Whole Time Director

Address :

House No. 378, Sector 15A, Chandigarh – 160015, Punjab, India

Date of Birth/Age :

22.09.1962

Date of Appointment :

01.09.2010

PAN No.:

AAVPG3673L

DIN No.:

00507454

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	U74999CH2003PLC030558	INTEGRATED RISK INSURANCE BROKERS LIMITED	Director	08/09/2003	08/09/2003	30/06/2008	Active	NO
2	U67120CH1995PTC017030	STAN PROFESSIONALS PRIVATE LIMITED	Director	01/03/2005	01/03/2005	30/06/2008	Active	NO
3	U72900MH2007PLC234712	Reliance Jio Infocomm Limited	Director	15/02/2007	15/02/2007	14/01/2008	Active	NO
4	U64202PB2007PTC030984	INFOTEL SATCOM PRIVATE LIMITED	Director	19/03/2007	19/03/2007	18/01/2008	Active	NO
5	U64202PB2007PTC030983	INFOTEL DIGICOMM PRIVATE LIMITED	Director	19/03/2007	19/03/2007	19/01/2008	Amalgamated	NO
6	U74899DL1995PTC072863	GATES INDIA PRIVATE LIMITED	Whole-time director	01/09/2010	01/09/2010	-	Active	NO

Name :

Mr. Nitin Kaul

Designation :

Director

Address :

45, South Lodge, Circus Road, St. Johnwood, NW89ET, London, United Kingdom

Date of Birth/Age :

11.08.1974

Date of Appointment :

29.09.2012

DIN No.:

01718619

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	L28991PN1961PLC139151	SCHRADER DUNCAN LIMITED	Director	13/08/2012	31/10/2006	-	Active	NO
2	U45200DL2007PTC161012	RUSKIN TITUS INDIA PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
3	U32109DL1995PTC211887	ROLASTAR PRIVATE LIMITED	Managing Director	31/03/2009	19/02/2008	-	Active	NO
4	U74140DL2008FTC178776	TOMKINS CONSULTING SERVICES INDIA PRIVATE LIMITED	Director	29/05/2008	29/05/2008	-	Under liquidation	NO
5	U25192TN2002PTC049526	GATES UNITTA INDIA COMPANY PRIVATE LIMITED	Director	29/09/2012	05/01/2012	-	Active	NO
6	U74899DL1995PTC072863	GATES INDIA PRIVATE LIMITED	Director	29/09/2012	01/02/2012	-	Active	NO

Name :

Mr. Manoj Kumar Saxena

Designation :

Whole Time Director

Address :

House No. 686, Sector 10A, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

04.01.1969

Date of Appointment :

29.08.2012

DIN No.:

06367907

Name :

Mr. Rajesh Chamanlal Bhandari

Designation :

Whole Time Director

Address :

1436, Sector 36 D, Chandigarh – 160036, Punjab, India

Date of Birth/Age :

05.06.1966

Date of Appointment :

29.08.2012

DIN No.:

06367901

KEY EXECUTIVES

Name :	Mr. Satish Kumar
Designation :	Secretary
Address :	6 DDA Flats, South Enclave, Dakshinpuri, New Delhi – 110062, Delhi, India
Date of Birth/Age :	14.04.1983
Date of Appointment :	17.08.2012
PAN No.:	AXCPK4176C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 28.09.2013

Equity Shares

Names of Shareholders	No. of Equity Shares
The Gates Corporation, USA	52,737,900
Gates International Holdings LLC, USA	100
Total	52,738,000

Preference Shares

Names of Shareholders	No. of Preference Shares
The Gates Corporation, USA	37,948,050
Total	37,948,050

Equity Share Break up (Percentage of Total Equity)

AS ON: 28.09.2013

Category	Percentage
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 :	Manufacturer and Trader of Marketing Rubber Hoses and Assembly Hoses
Products :	Hydraulic Hose Industrial Hose Couplings Quick Release Couplings Clamps Belts Ball Valves Tube Fittings

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Divulged
Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building No. 10, Tower B, DLF Cyber City, Phase II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
PAN No.:	AABFD2095B
Ultimate Holding Company	TOMKINS PLC, United Kingdom
Holding Company :	Gates Corporation, United States
Fellow Subsidiaries:	Gates Europe N.V. Gates Rubber Company (S) Pte. Limited Gates Australia Pty. Limited Gates Rubber (Shanghai) Company Limited Gates Hydraulics Limited, UK Gates Unitta India Company Private Limited, India CIN No.: U25192TN2002PTC049526 Gates Unitta (Thailand) Company Limited Gates Unitta Korea Company, Korea Ideal Tornkins Company, United States Gates EMB Trading (Shanghai) Company Limited, China Gates Fluid Power (Suzhu) Company Limited, China Schrader Duncan Limited, India CIN No: L28991PN1961PLC139151 Gates Dobrasilind Company LTDA, Brazil Tornkins Shanghai Management Consultants Private Limited, China Gates Fleximak Limited, UK Gates Fluidpower Technologies (Changzhou) Company Limited, China Gates Hydraulics SRO, UK Gates Engineering and Services, Australia and Dubai Gates Argentina, Argentina

CAPITAL STRUCTURE

AS ON: 28.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
55,000,000	Equity Shares	Rs.10/- each	Rs.550.000 Millions
40,000,000	Preference Shares	Rs.10/- each	Rs.400.000 Millions
	Total		Rs.950.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
52,738,000	Equity Shares	Rs.10/- each	Rs.527.380 Millions
37,948,050	Preference Shares	Rs.10/- each	Rs.379.481 Millions
	Total		Rs.906.861 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	906.861	906.861	906.861
(b) Reserves & Surplus	625.012	460.182	255.783
(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)	1,531.873	1,367.043	1,162.644
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	55.154	46.507	39.752
(c) Other long term liabilities	4.470	3.275	2.635
(d) long-term provisions	18.695	14.225	12.948
Total Non-current Liabilities (3)	78.319	64.007	55.335
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	486.718	405.453	287.921
(c) Other current liabilities	13.319	19.122	40.780
(d) Short-term provisions	14.893	23.490	1.710
Total Current Liabilities (4)	514.930	448.065	330.411
TOTAL	2125.122	1879.115	1548.390
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	875.381	766.651	562.951
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36.119	70.416	17.930
(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	30.827	43.496	72.811
(e) Other Non-current assets	1.477	1.341	0.150
Total Non-Current Assets	943.804	881.904	653.842
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	595.483	488.496	397.940
(c) Trade receivables	380.879	397.248	326.033
(d) Cash and cash equivalents	146.866	67.971	122.760
(e) Short-term loans and advances	53.247	43.187	47.783
(f) Other current assets	4.843	0.309	0.032
Total Current Assets	1181.318	997.211	894.548
TOTAL	2125.122	1879.115	1548.390

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2350.281	2268.542	1864.371
		Other Income	33.858	39.227	24.275
		TOTAL	2384.139	2307.769	1888.646
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2138.932	2007.037	1568.506
	PROFIT BEFORE		245.207	300.732	320.140
Less	TAX		80.378	96.333	109.534
	PROFIT AFTER TAX		164.829	204.399	210.606
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	934.044	792.140	NA
	Earnings Per Share (Rs.)		1.82	2.25	2.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.91	8.86	11.15
Net Profit Margin (PBT/Sales)	(%)	10.43	13.26	17.17
Return on Total Assets (PBT/Total Assets}	(%)	11.74	16.63	20.92
Return on Investment (ROI) (PBT/Net worth)		0.16	0.22	0.28
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.29	2.23	2.71

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	906.861	906.861	906.861
Reserves & Surplus	255.783	460.182	625.012
Net worth	1,162.644	1,367.043	1,531.873
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income	1,864.371	2,268.542	2,350.281
		21.679	3.603

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income	1,864.371	2,268.542	2,350.281
Profit After Tax	210.606	204.399	164.829
	11.30%	9.01%	7.01%

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	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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.

OPERATIONS

During the year, the Company has taken various steps to build-up and strengthens its base for the coming years. The company continued to maintain its dominant presence in Hoses markets and at the same time building its hose assembly business, the Company have also started sale of Hydraulic complementary parts e.g. clamp, adaptors etc.

NOTE:

The registered office of the company has been shifted from 7E, White House, 10, Bhagwan Dass Road, New Delhi – 110001, India to the present address w.e.f. 02.06.2006.

FIXED ASSETS:

• Land
• Buildings
• Plant and equipment
• Emission reduction equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements

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 records 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 judgment 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] on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government:

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

9] Compensation Package:

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

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

INFORMATION DETAILS

Information Gathered by :	HTL
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	6
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.