MIRA INFORM REPORT

Report Date :

06.05.2014

IDENTIFICATION DETAILS

Name :	S P COATS PRIVATE LIMITED
Registered Office :	No.3/1, Muneswara Nagar, Near Government School, Hegganahalli, Bangalore – 560091, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.08.2006
Com. Reg. No.:	040368
Capital Investment / Paid-up Capital :	Rs. 6.676 Millions
CIN No.: [Company Identification No.]	U25209KA2006PTC040368
TAN No.: [Tax Deduction & Collection Account No.]	BLRS42032E
PAN No.: [Permanent Account No.]	AALCS6175N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC Extruded Profiles, PVC Rods, Electrical Cable Trays, Cable Tray Accessories, etc.
No. of Employees :	50 (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 39000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low reserves and drastic dip in profit of the company in the year 2013. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution. NOTE: As claimed by Mr. Anil Bhandari (Managing Director) that the subject which was established in the year of 2004 as a proprietorship firm with the name of S.P. Coats has been converted into Private Limited in the year of 2006.

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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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

Name :	Mr. Anil Bhandari
Designation :	Managing Director
Contact No.:	91-9343794572
Date :	03.05.2014

LOCATIONS

Registered Office/ Factory :	No.3/1, Muneswara Nagar, Near Government School, Hegganahalli, Bangalore – 560091, Karnataka, India
Tel. No. :	91-80-28360403
Mobile No. :	91-9343794572 (Mr. Anil Bhandari)
Fax No. :	Not Available
E-Mail :	spcoats@gmail.com info@spcoats.com
Website :	www.spcoats.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Rakesh Kumar Khetan

Designation :

Director

Address :

No.1845/49, 19^th Cross, 20^th Main, MRCR Lane, Vijayanagar, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

04.01.1969

Date of Appointment :

30.09.2013

DIN No. :

01661454

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	U45201KA2007PTC043524	BIDADI PROPERTIES PRIVATE LIMITED	Director	15/11/2008	27/08/2007	-	Active	NO
2	U51101WB2010PTC148266	Pentagon Dealers Private Limited	Director	09/05/2011	09/05/2011	14/12/2011	Active	NO
3	U45200KA2011PTC060165	SPARTAN CONSTRUCTIONS PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
4	U74140WB2010PTC143373	ACQUIESCE SOLUTIONS PRIVATE LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO
5	U25209KA2006PTC040368	S P COATS PRIVATE LIMITED	Director	30/09/2013	27/05/2013	-	Active	NO
6	AAA-6245	SPARTAN DEVELOPERS LLP	Designated Partner	13/09/2011	13/09/2011	-	Active	NO

Name :

Manju Bhandari

Designation :

Whole-time director

Address :

No.18, 2^nd Floor, 4^th Cross, 12^th Main, Hanumanthnagar, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

20.07.1969

Date of Appointment :

01.10.2009

DIN No. :

01954492

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	Company/ LLP Status	Defaulting status
1	U25209KA2006PTC040368	S P COATS PRIVATE LIMITED	Whole-time director	01/10/2009	31/08/2006	Active	NO

Name :

Mr. Anil Bhandari

Designation :

Managing Director

Address :

No.18, 2^nd Floor, 4^th Cross, 12^th Main, Hanumanthnagar, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

02.06.1965

Date of Appointment :

01.10.2009

DIN No. :

01954499

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	Company/ LLP Status	Defaulting status
1	U25209KA2006PTC040368	S P COATS PRIVATE LIMITED	Managing director	01/10/2009	31/08/2006	Active	NO

Name :

Abha Khetan

Designation :

Director

Address :

No.1845/49, 19^th Cross, MRCR Lane, 20^th Main, Vijayanagar, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

02.04.1971

Date of Appointment :

30.09.2013

DIN No. :

06579750

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	Company/ LLP Status	Defaulting status
1	U25209KA2006PTC040368	S P COATS PRIVATE LIMITED	Director	30/09/2013	27/05/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Anil Bhandari	37400	56.02
Manju Bhandari	23249	34.83
Ujwal Bomb	2	0.00
Ashok Bhandari	3948	5.91
Vasanthi Lunkand Bhandari	2057	3.08
T Shanthamma	100	0.15
Total	66756	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of PVC Extruded Profiles, PVC Rods, Electrical Cable Trays, Cable Tray Accessories, etc.
Exports :
Products :	PVC Extruded Profiles, PVC Rods, Electrical Cable Trays, Cable Tray Accessories, etc.
Countries :	· UAE · Switzerland · Australia · South Africa
Imports :
Products :	Raw Material
Countries :	· China · Australia
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

· Ashoka Enterprises

· Bimal Corporation

· Benaka Industrial Gases

· Chetan Polypack

· Mayana Enterprises Private Limited

· Prime Polymers

· Seuro Metallics

· Sri Ambika Chemicals

· V.K. Sons

· V D Engineering Works

Customers :

Wholesalers, Retailers and End Users

· Air One Source

· Bangalore Electronic Enterprises

· Control and Framing Systems

· Grorich Horivert Private Limited

· Accuplast

· M.P. Enterprises

· Vidya Industries

· Vinay Plastics

· Vlour Enterprises

· Amco Soft India Limited

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India, Bangalore City Branch, No. 22, J C Road, Bangalore - 560002, Karnataka, India

· Canara Bank, No. 72, Sunkenahalli Extension, 50 Ft Road, Hanumanthanagar, Bangalore - 560019, Karnataka, India

· Kotak Mahindra Bank

Facilities :

Total Facility: Rs. 26.900 Millions (From State Bank of India)

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
State Bank of India (Secured by plant and machinery and personal guarantee of all directors)
Term Loan I	0.000	0.298
Term Loan II	0.812	1.195
Other Loans and Advances
Kotak Mahindra Bank (Business Loan)	0.000	0.051
Vehicle Loan (Secured by hypothecation of Honda City with Dhanalakshmi Bank)	0.212	0.562
SHORT TERM BORROWINGS
Cash Credit – State Bank of India (Secured by hypothecation of Stocks, Building, Plant and Machinery and Personal Guarantee of all directors)	4.107	4.435
Total	5.131	6.541

Banking Relations :	--
Auditors :
Name :	M S Srinath Chartered Accountants
Address :	No.63, E.A.T Street, Basavanagudi, Bangalore – 560004, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ADOPS5521K
Sisters Concern:	Safrol Shades Private Limited Address: Bangalore, Karnataka, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
90,000	Equity Shares	Rs.100/- each	Rs. 9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66,756	Equity Shares	Rs.100/- each	Rs. 6.676 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	6.676	2.220	1.000
(b) Reserves & Surplus	3.189	1.171	1.220
(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)	9.865	3.391	2.220
(3) Non-Current Liabilities
(a) long-term borrowings	15.151	9.116	5.815
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.478
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.151	9.116	6.293
(4) Current Liabilities
(a) Short term borrowings	4.107	4.435	1.059
(b) Trade payables	1.194	2.265	0.756
(c) Other current liabilities	1.917	2.433	1.329
(d) Short-term provisions	1.088	0.698	0.300
Total Current Liabilities (4)	8.306	9.831	3.444
TOTAL	33.322	22.338	11.957
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.023	11.008	5.447
(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)	0.036	0.030	0.000
(d) Long-term Loan and Advances	0.749	0.579	0.993
(e) Other Non-current assets	0.000	0.012	0.025
Total Non-Current Assets	12.808	11.629	6.465
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.839	3.985	3.775
(c) Trade receivables	9.695	5.816	1.703
(d) Cash and cash equivalents	0.667	0.414	0.014
(e) Short-term loans and advances	2.313	0.494	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	20.514	10.709	5.492
TOTAL	33.322	22.338	11.957

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	34.642	26.418	13.049
		Other Income	0.027	0.016	0.164
		TOTAL	34.669	26.434	13.213
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		0.618	1.172	0.487
	Earnings / (Loss) Per Share (Rs.)		9.26	52.79	49.00

Particulars	31.03.2014
Sales Turnover (Approximately)	90.000

Expected Sales (2014-2015): Rs. 250.000 Millions

The above information has been parted by Mr. Anil Bhandari (Managing Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.78	4.43	3.69
Debt Equity Ratio (Total Debt/Networth)		1.95	4.00	3.10
Current Ratio (Current Asset/Current Liability)		2.47	1.09	1.59

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	1.000	2.220	6.676
Reserves & Surplus	1.220	1.171	3.189
Net worth	2.220	3.391	9.865
long-term borrowings	5.815	9.116	15.151
Short term borrowings	1.059	4.435	4.107
Total borrowings	6.874	13.551	19.258
Debt/Equity ratio	3.096	3.996	1.952

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	13.049	26.418	34.642
		102.452	31.130

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	13.049	26.418	34.642
Profit	0.487	1.172	0.618
	3.73%	4.44%	1.78%

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 four 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	Yes
18]	Major customers	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/ MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10276060	18/03/2013 *	26,900,000.00	STATE BANK OF INDIA	BANGALORE CITY BRANCH, NO. 22, J C ROAD, BANGALORE, KARNATAKA - 560002, INDIA	B71830434

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Anil Bhandari Director	0.045	0.917
Henna N Devnoni	0.000	0.200
Electrical and Ceramics	3.241	3.241
Kalister Middle East	2.652	0.000
Kronje Supplier Private Limited	0.506	0.000
Manju Bhandari	0.371	0.000
National Trade Link Private Limited	0.038	0.000
Sri Ganesh Associates	0.392	0.000
Vasanth Bhandari	0.500	0.000
Amulya Marketing	1.850	0.000
Cosmos Vyaapar Private Limited	0.511	0.000
C. Radha	0.123	0.000
Manak Bai	(0.008)	0.000
Raheja and Company	0.023	0.000
Ramesh Merchantile Private Limited	2.052	0.000
Sakshi Bhandari	0.300	0.000
Stainley Suppliers Private Limited	1.531	0.000
Kalister and Middle East	0.000	2.652
Total	14.127	7.010

FIXED ASSETS

· Plant and Machinery

· Office Equipments

· Furniture and Fixture

· Die Cast and Other Die

· Computers

· Vehicle

· Weight Scale

· Electrical Items and Panels

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.60.05
UK Pound	1	Rs.101.32
Euro	1	Rs.83.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	MRI

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--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.