MIRA INFORM REPORT

Report Date :

08.03.2014

IDENTIFICATION DETAILS

Name :	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED
Registered Office :	903-904, Embassy Towers, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360 001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.09.2005
Com. Reg. No.:	04-046782
Capital Investment / Paid-up Capital :	Rs.12.009 Millions
CIN No.: [Company Identification No.]	U51100GJ2005PTC046782
PAN No.: [Permanent Account No.]	AACCD2313G
Legal Form :	Private limited liability company
Line of Business :	Subject is engaged in the business of trading of agricultural products and wind power generation and its selling and distribution.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 714000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company is low. The rating also takes into account the competitive and fragment nature of industry which exerts pressure on margin and exposure to regulatory risk. However, trade relations are reported to be 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short term fund based bank facility A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	January 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Kothari
Contact No.:	91-281-2223731
Date :	07.04.2014

LOCATIONS

Registered Office :	903-904, Embassy Towers, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-281-2223731 (Direct) 91-281-2222991/ 992/ 993/ 2229183
Fax No.:	91-281-2220409/ 2230505
E-Mail :	nhkothari@dmlgroup.in info@dmlakhani.com kaka@dmlakhani.com
Website :	http://www.dmlgroup.in
Branch Office :	B-604, Sagar Tech Plaza, Sakinaka Junction, Andheri (East), Mumbai – 400 075, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Harishkumar Jayantilal Lakhani

Designation :

Director

Address :

“Vrundavan”, Tapovan Society, Near Amin Marg, Rajkot – 360 002, Gujarat, India

Date of Birth/Age :

13.05.1959

Qualification :

Under Graduate

Date of Appointment :

16.09.2005

PAN No.:

AAQPL3256P

DIN No.:

01658810

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	12/05/2003	12/05/2003	-	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
3	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
4	U51909GJ2012PTC072431	CDM ENTERPRISE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
5	U51909GJ2012PTC072429	DEEPSTAR OVERSEAS PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
6	U51200GJ2012PTC072428	DML AGRO TRADE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO

Name :

Chirag Harishkumar Lakhani

Designation :

Director

Address :

“Vrundavan”, Tapovan Society, Near Amin Marg, Rajkot – 360 002, Gujarat, India

Date of Birth/Age :

23.08.1986

Date of Appointment :

15.05.2013

DIN No.:

01624243

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	25/08/2008	25/08/2008	-	Active	NO
3	U27100GJ2011PTC066552	ADITYA ULTRA STEEL PRIVATE LIMITED	Director	27/07/2011	27/07/2011	-	Active	NO
4	U51909GJ2012PTC072429	DEEPSTAR OVERSEAS PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
5	U51200GJ2012PTC072428	DML AGRO TRADE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
6	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO

Name :

Darshan Harishkumar Lakhani

Designation :

Director

Address :

“Vrundavan”, Tapovan Society, Near Amin Marg, Rajkot – 360 002, Gujarat, India

Date of Birth/Age :

23.08.1986

Date of Appointment :

15.05.2013

DIN No.:

01658879

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	U55100GJ1988PTC011223	DML EXIM PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Active	NO
2	U51100GJ2005PTC046358	DML WORLD TRADE PRIVATE LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
3	U51909GJ2012PTC072429	DEEPSTAR OVERSEAS PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
4	U51200GJ2012PTC072428	DML AGRO TRADE PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO
5	U51100GJ2005PTC046782	D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED	Director	15/05/2013	15/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Name of Shareholders	No. of Shares	%age
Harishkumar Jayantilal Lakhani	108100	9.00
Meenaben Harishkumar Lakhani	101300	8.44
Darshan Harishkumar Lakhani	95000	7.91
Chirag Harishkumar Lakhani	88000	7.33
Dolly Harishkumar Lakhani	88000	7.33
Pravinaben Narendra Davda	10000	0.83
Narendra Nanjibhai Davda	8000	0.67
Sejal Darshan Lakhani	70000	5.83
DML Exim Private Limited, India	632500	52.67
Total	1,200,900	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	52.67
Directors or relatives of Directors	45.83
Other top fifty shareholders	1.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading of agricultural products and wind power generation and its selling and distribution.

Products :

Item Code No. (ITC Code)	Product Description
9801001	Sugar

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

œ Oriental Bank of Commerce, Aum Planet, Ground Floor, Opposite Nirmala Convent School, Rajkot – 360001, Gujarat, India

œ State Bank of India, Commercial Branch, Noble House, Kalawad Road, Rajkot – 360001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
loans taken for vehicles	0.000	1.144
SHORT TERM BORROWINGS
working capital loans from bank	727.952	368.478
Total	727.952	369.622

Banking Relations :	--
Auditors :
Name :	N.M. Unadkat and Company Chartered Accountants
Address :	306-307, Everest Complex, Opposite Shastri Maidan, Subhash Road, Rajkot – 360 001, Gujarat, India
PAN No. :	AAFPU7460F
Holding Company :	DML Exim Private Limited, India CIN No.: U55100GJ1988PTC011223
Subsidiary Company :	DML World Trade Private Limited, India CIN No.: U51100GJ2005PTC046358
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	D.M. Enterprise, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200900	Equity Shares	Rs.10/- each	Rs.12.009 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	12.009	12.009	12.009
(b) Reserves & Surplus	166.581	109.352	81.049
(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)	178.590	121.361	93.058
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.144	2.183
(b) Deferred tax liabilities (Net)	10.366	12.025	6.890
(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)	10.366	13.169	9.073
(4) Current Liabilities
(a) Short term borrowings	727.952	368.478	0.000
(b) Trade payables	669.347	259.570	56.534
(c) Other current liabilities	184.359	11.810	119.404
(d) Short-term provisions	2.419	0.416	7.229
Total Current Liabilities (4)	1584.077	640.274	183.167
TOTAL	1773.033	774.804	285.298
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.532	47.319	56.011
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.995	1.920	1.920
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	46.527	49.249	57.941
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.546	341.079	0.000
(c) Trade receivables	1,445.846	284.497	0.009
(d) Cash and cash equivalents	72.243	58.238	216.117
(e) Short-term loans and advances	145.871	41.741	11.231
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1726.506	725.555	227.357
TOTAL	1773.033	774.804	285.298

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	11250.265	829.882	3235.770
		Other Income	347.743	78.141	30.783
		TOTAL	11598.008	908.023	3266.553
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	11505.943	856.817	3136.606
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		92.065	51.206	129.947
Less/ Add	DEPRECIATION/ AMORTISATION		7.920	9.128	0.224
	PROFIT/ (LOSS) BEFORE TAX		84.145	42.078	129.723
Less	TAX		26.916	13.775	44.173
	PROFIT/ (LOSS) AFTER TAX		57.229	28.303	85.550
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.352	81.049	(4.501)
	BALANCE CARRIED TO THE B/S		166.581	109.352	81.049
	EARNINGS IN FOREIGN CURRENCY		10882.133	766.885	3041.400
	Earnings / (Loss) Per Share (Rs.)		47.65	23.57	71.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.49	3.12	2.64
Net Profit Margin (PBT/Sales)	(%)	0.75	5.07	4.00
Return on Total Assets (PBT/Total Assets}	(%)	4.74	5.43	45.47
Return on Investment (ROI) (PBT/Networth)		0.47	0.35	1.39
Debt Equity Ratio (Total Debt/Networth)		4.07	3.04	0.02
Current Ratio (Current Asset/Current Liability)		1.09	1.13	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	12.009	12.009	12.009
Reserves & Surplus	81.049	109.352	166.581
Net worth	93.058	121.361	178.590
long-term borrowings	2.183	1.144	0.000
Short term borrowings	0.000	368.478	727.952
Total borrowings	2.183	369.622	727.952
Debt/Equity ratio	0.023	3.046	4.076

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	3235.770	829.882	11250.265
		(74.353)	1,255.646

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	3235.770	829.882	11250.265
Profit	85.550	28.303	57.229
	2.64%	3.41%	0.51%

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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444056	27/06/2013	500,000,000.00	State Bank of India	Commercial Branch, Noble House, Kalawad Road, Rajkot- 360001, Gujarat, INDIA	B82572355
2	10317796	11/03/2013 *	2,165,000,000.00	Oriental Bank of Commerce	Aum Planet, Ground Floor, Opp. Nirmala Convent School, Rajkot- 360001, Gujarat, India	B72321789

* Date of charge modification

OPERATION:

The management feels immense pleasure in presenting the financial results of the Company. During the year under report, The Company has achieved the total turnover of Rs.11250.200 millions as compared to Rs.829.800 millions of previous year 2011-12 showing a considerable rise. Further, total other income has also been increased to Rs.347.700 millions as compared to 78.100 millions of previous year 2011-12. Moreover, the Net Profit (After Tax) has also been increased to Rs.57.200 millions as compared to Rs. 28.300 millions of previous year 2011-12.

FIXED ASSETS

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

œ Office equipment

œ 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.60.98
UK Pound	1	Rs.102.07
Euro	1	Rs.84.57

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.