MIRA INFORM REPORT

Report Date :

13.03.2014

IDENTIFICATION DETAILS

Name :	JAYSHRI GINNING AND SPINNING PRIVATE LIMITED
Registered Office :	Opposite GEB Sub-Station, Dhoraji Road, Taluka Jetpur, Navagadh, Rajkot – 360375, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.01.2007
Com. Reg. No.:	04-049747
Capital Investment / Paid-up Capital :	Rs.17.500 Millions
CIN No.: [Company Identification No.]	U17121GJ2007PTC049747
TAN No.: [Tax Deduction & Collection Account No.]	RKTJ01598C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Raw Cotton and Cotton Seeds.
No. of Employees :	12 (Approximately)

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 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover during financial year 2013. The ratings also takes into consideration the company’s weak debt protection metrics, small scale of operations in the intensely competitive cotton industry and susceptibility to adverse regulatory changes. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered from business dealings with some cautions.

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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B
Rating Explanation	High risk of default
Date	18.07.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Praveenbhai Parbatbhai Hirpara
Designation :	Director
Contact No.:	91-9725232081
Date :	10.03.2013

LOCATIONS

Registered Office :	Opposite GEB Sub-Station, Dhoraji Road, Taluka Jetpur, Navagadh, Rajkot – 360375, Gujarat, India
Tel. No.:	91-2823-223542/ 222048
Mobile No.:	91-9725232081 (Mr. Praveenbhai Parbatbhai Hirpara)
Fax No.:	91-2823-223543
E-Mail :	csksdoffice@gmail.com info@jayshriginning.com
Website :	www.jayshriginning.com
Location :	Owned
Factory :	National Highway - 8B, Dhoraji Road, Jetpur, Rajkot – 360370 Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramnikbhai Bavanji Hirpara

Designation :

Director

Address :

Panchshil Society, 149 Dhoraji Road, Village Jetpur, Navagem, Rajkot – 360370, Gujarat, India

Date of Birth/Age :

15.08.1948

Date of Appointment :

11.01.2007

DIN No.:

00491989

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	U51100GJ1988PTC045626	NISAN EXPORTS PRIVATE LIMITED	Director	04/10/1988	04/10/1988	-	Active	NO
2	U17119GJ1982PTC005463	JAYSHREE SILK PROCESSING MILLS PRIVATE LIMITED	Director	12/01/1995	12/01/1995	-	Active	NO
3	U45201GJ1994PTC022992	JAYSHRI HOLDINGS PRIVATE LIMITED	Director	12/01/1995	12/01/1995	-	Active	NO
4	U18101GJ2003PTC041860	JAYSHRI PETRO-YARN PRIVATE LIMITED	Director	20/01/2003	20/01/2003	16/03/2007	Active	NO
5	U55102RJ1996PTC012142	ROYAL REGEDENCY RESORTS PRIVATE LIMITED	Director	26/11/2006	26/11/2006	-	Active	NO
6	U17121GJ2007PTC049747	JAYSHRI GINNING AND SPINNING PRIVATE LIMITED	Director	11/01/2007	11/01/2007	-	Active	NO
7	U74900GJ2007PTC051337	V. M. MEGAMART PRIVATE LIMITED	Director	01/02/2008	01/02/2008	-	Active	NO
8	U17119GJ1990PTC014048	JAYSHRI POLYESTER PRIVATE LIMITED	Director	25/09/2011	25/09/2011	-	Active	NO
9	U90000GJ2011NPL067437	JETPUR DYEING AND PRINTING ASSOCIATION	Director	12/10/2011	12/10/2011	-	Active	NO
10	U41000GJ2011PTC068188	BHATGAM WASHING GHAT SUDHHIKARAN YOJNA PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO
11	U45201GJ2012PTC072718	MILLENIUM INTEGRATED COTTEX PARK PRIVATE LIMITED	Director	19/11/2012	19/11/2012	-	Active	NO

Name :

Mr. Praveenbhai Parbatbhai Hirpara

Designation :

Director

Address :

11, Panchshil Society, 149 Dhoraji Road, Village Jetpur, Navagem, Rajkot – 360370, Gujarat, India

Date of Birth/Age :

14.09.1963

Date of Appointment :

01.01.2011

DIN No.:

00492005

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	U51100GJ1988PTC045626	NISAN EXPORTS PRIVATE LIMITED	Director	04/10/1988	04/10/1988	-	Active	NO
2	U17119GJ1982PTC005463	JAYSHREE SILK PROCESSING MILLS PRIVATE LIMITED	Director	12/01/1995	12/01/1995	-	Active	NO
3	U17119GJ1990PTC014048	JAYSHRI POLYESTER PRIVATE LIMITED	Director	12/01/1995	12/01/1995	-	Active	NO
4	U45201GJ2008PTC053308	JAYSHRI PROPACK PRIVATE LIMITED	Director	24/03/2008	24/03/2008	-	Active	YES
5	U17121GJ2007PTC049747	JAYSHRI GINNING AND SPINNING PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Ashishkumar R. Patel	75000
Bijalben Jayeshbhai	55000
Bipinchandra Bavanjibhai- Individual	125000
Harshaben Pravinbhai Hirpara	110000
Hiren Bipinchandra Hirpara	156500
Jayantilal Bavanjibhai Hirpara	190000
Jayeshkumar Jivarajbhai Hirpara	180000
Naynaben Jitendrabhai Hirpara	100000
Parbatbhai Bavanjibhai Hirpara	130000
Ramniklal Bavanjibhai Hirpara	122000
Sarlaben Bipinchandra Hirpara	55000
Sumitaben Ashishbhai Hirpara	80000
Pravinkumar P Patel	62000
Jivarajbhai Hirpara	100000
Bipinchandra Bavanjibhai- HUF	5000
Krinaben S Hirpara	60000
Jayantilal Bavanjibhai Hirpara-HUF	32000
Jigneshbhai Hirpara	30000
Jivarajbhai Hirpara-HUF	7500
Niravkumar Bipinchandra Hirpara	40000
Ravikumar R Hirpara	35000
Total	1750000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Raw Cotton and Cotton Seeds.
Exports :
Products :	Raw Cotton
Countries :	Pakistan
Terms :
Selling :	Credit (15 Days)
Purchasing :	Credit (15 Days)

GENERAL INFORMATION

Customers :

Spinners (Consumers)

No. of Employees :

12 (Approximately)

Bankers :

State Bank of India, Kanakiya Plot, Jetpur Branch, Dist. Rajkot, Jetpur - 360370, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
From Bank	61.582	149.491
Total	61.582	149.491

Banking Relations :	--
Auditors :
Name :	R.P.C. and Company Chartered Accountants
Address :	203-204, Race Course Plaza, Near Excise – Cutome Building, Race Cource Ring Road, Rajkot – 360001, Gujarat, India
PAN No.:	AAJFR1869F
Enterprises over which key managerial personnel are able to exercise significant influences :	· Jayshree Propack Private Limited · Royal Impex (India) · Balkrishna Textile Mills Private Limited · Jayshri Silk Processing Mills Private Limited · Jaushri Impex

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 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	17.500	17.500	17.500
(b) Reserves & Surplus	39.936	33.235	40.439
(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)	57.436	50.735	57.939
(3) Non-Current Liabilities
(a) long-term borrowings	5.000	5.000	14.475
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	5.000	5.000	14.475
(4) Current Liabilities
(a) Short term borrowings	61.582	149.491	127.305
(b) Trade payables	10.301	7.374	6.019
(c) Other current liabilities	3.759	4.267	2.388
(d) Short-term provisions	0.218	0.129	5.168
Total Current Liabilities (4)	75.860	161.261	140.880
TOTAL	138.296	216.996	213.294
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.135	59.627	61.143
(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	0.000	0.000
(c) Deferred tax assets (net)	0.046	1.059	1.218
(d) Long-term Loan and Advances	1.065	0.987	0.729
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	56.246	61.673	63.090
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.072	68.323	93.794
(c) Trade receivables	48.701	73.916	36.430
(d) Cash and cash equivalents	1.444	12.710	18.625
(e) Short-term loans and advances	0.346	0.030	1.355
(f) Other current assets	0.487	0.344	0.000
Total Current Assets	82.050	155.323	150.204
TOTAL	138.296	216.996	213.294

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	605.024	711.107	599.956
		Other Income	0.188	2.357	41.353
		TOTAL (A)	605.212	713.464	641.309
Less	EXPENSES
		Cost of Materials Consumed	514.103	701.538	548.700
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	39.079	(24.752)	(23.366)
		Employee Benefits Expenses	5.305	5.461	3.171
		Other Expenses	18.659	15.174	56.678
		TOTAL (B)	577.146	697.421	585.183
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.066	16.043	56.126
Less	FINANCIAL EXPENSES (D)		13.535	15.823	14.612
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.531	0.220	41.514
Less	DEPRECIATION/ AMORTISATION (F)		6.816	7.004	7.658
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		7.715	(6.784)	33.856
Less	TAX (H)		1.013	0.159	5.192
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.702	(6.943)	28.664
	Earnings Per Share (Rs.)		3.83	(3.97)	16.38

Expected Sales (2013-2014): Rs.800.000 Millions

The above information has been parted by Mr. Praveenbhai Parbatbhai Hirpara, Director.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.11	(0.97)	4.47
Net Profit Margin (PBT/Sales)	(%)	1.28	(0.95)	5.64
Return on Total Assets (PBT/Total Assets}	(%)	5.58	(3.14)	15.96
Return on Investment (ROI) (PBT/Networth)		0.13	(0.13)	0.58
Debt Equity Ratio (Total Debt /Networth)		1.16	3.05	2.45
Current Ratio (Current Asset/Current Liability)		1.08	0.96	1.07

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	17.500	17.500	17.500
Reserves & Surplus	40.439	33.235	39.936
Net worth	57.939	50.735	57.436
long-term borrowings	14.475	5.000	5.000
Short term borrowings	127.305	149.491	61.582
Total borrowings	141.780	154.491	66.582
Debt/Equity ratio	2.447	3.045	1.159

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
Sales	599.956	711.107	605.024
		18.527	(14.918)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	599.956	711.107	605.024
Profit	28.664	(6.943)	6.702
	4.78%	(0.98%)	1.11%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	5.000	5.000
Total	5.000	5.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10191500	03/12/2009	190,000,000.00	State Bank of India	Sales Hub Dept. Opp.- Gandhigram Railway Station, Laghu Udyog Branch Premises, Ahmedabad, Gujarat - 380009, India	A75475756
2	10040033	13/07/2012 *	165,000,000.00	State Bank of India	Kanakiya Plot, Jetpur Branch, Dist. Rajkot, Jetpur, Gujarat - 360370, India	B44830933

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.09
UK Pound	1	Rs.101.59
Euro	1	Rs.84.65

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	VNT

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	YES
--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.