MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	DRA INDUSTRIES LIMITED (w.e.f. 22.06.2209)
Formerly Known as :	ARS INDUSTRIES LIMITED
Registered Office :	No. 18/26, Loganathan Nagar Second Street, Choolaimedu, Chennai - 600094, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.03.2008
Com. Reg. No.:	066844
Capital Investment / Paid-up Capital :	Rs.7.074 Millions
CIN No.: [Company Identification No.]	U27106TN2008PLC066844
TAN No.: [Tax Deduction & Collection Account No.]	CHEA13890C
PAN No.: [Permanent Account No.]	AAHCA0323J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company manufactures steel billets and sells to rolling mills.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 955000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred a loss from its operations during 2013. However, trade relations are reported as fair. Business is active. Payment 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB
Rating Explanation	Have moderate risk of default
Date	October 18, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	October 18, 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Deepak Bhatia
Designation :	Director
Contact No.:	91-44-23610651
Date :	24.11.2014

LOCATIONS

Registered Office :	No. 18/26, Loganathan Nagar Second Street, Choolaimedu, Chennai - 600094, Tamilnadu, India
Tel. No.:	91-44-23610650, 23610651, 23610652, 23610653, 23610654, 23610655
Fax No.:	Not Available
E-Mail :	dra.industries@gmail.com
Factory 1 :	APIIC Industrial Park, Attivaram Village, Ozili Mandal, , SPS Nellore District, Naidupet – 524421, Andhra Pradesh , India
Factory 2 :	Located At : Tamilnadu

DIRECTORS

As on 30.09.2013

Name :

Deepak Kumar Bhatia

Designation :

Managing director

Address :

No.1822, First Floor, 13th Main Road, Anna Nagar West, Chennai – 600040, Tamilnadu, India

Date of Birth/Age :

04.12.1967

Date of Appointment :

02.04.2008

DIN No.:

00552964

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	U27101DL1998PTC091700	SAR ISPAT PRIVATE LIMITED	Director	06/06/2001	06/06/2001	18/01/2008	Active	NO
2	U27209TN1990PTC032178	A.R.S.METALS Private Limited	Director	05/01/2005	05/01/2005	06/09/2008	Active	NO
3	U27106TN2008PLC066844	DRA INDUSTRIES LIMITED	Managing director	02/04/2008	17/03/2008	-	Active	NO
4	U27109PY2008PTC002198	P R D ENTERPRISES PRIVATE LIMITED	Managing director	23/07/2008	23/07/2008	15/10/2008	Active	YES

Name :

Hemant Khandelwal

Designation :

Director

Address :

D-16, 7^th Street, Anna Nagar East, Chennai – 600102, Tamilnadu, India

Date of Birth/Age :

14.12.1975

Date of Appointment :

02.04.2008

DIN No.:

00902364

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	U15339TN1992PTC022382	MADHAV PIPES & TUBES PRIVATE LIMITED	Director	20/12/1994	20/12/1994	-	Active	NO
2	U27106TN2008PLC066844	DRA INDUSTRIES LIMITED	Director	02/04/2008	02/04/2008	-	Active	NO
3	U74900TN2011PTC080392	K M KHANDELWAL STEELS AND TUBES PRIVATE LIMITED	Director	30/04/2011	30/04/2011	-	Active	NO

Name :

Sumit Bhatia

Designation :

Address :

Flat C-2, Second Floor, Sharon Apartments, 14^th Cross, Anna Nagar Extension, Pondicherry – 605005, India

Date of Birth/Age :

06.07.1983

Date of Appointment :

17.03.2008

DIN No.:

01110433

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	U27101DL1998PTC091700	SAR ISPAT PRIVATE LIMITED	Director	03/10/2005	03/10/2005	18/01/2008	Active	NO
2	U27106TN2008PLC066844	DRA INDUSTRIES LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO

Name :

Sandeep Sharma

Designation :

Director

Address :

6/12/5/9, Pitchi Reddy Thopu SPS Nellore District, Naidupeta – 524126, Andhra Pradesh, India

Date of Birth/Age :

01.10.1972

Date of Appointment :

30.09.2013

DIN No.:

06543239

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	U27106TN2008PLC066844	DRA INDUSTRIES LIMITED	Director	30/09/2013	18/03/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Shareholders details files are attached

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.07
Bodies corporate	26.74
Directors or relatives of Directors	73.19
Total	100.00

BUSINESS DETAILS

Line of Business :

The company manufactures steel billets and sells to rolling mills.

Products :

Item Code No.	Product Description
72071920	Mild Steel (M.S.) Billets

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· Indian Overseas Bank, Esplanade Branch, Chennai - 600108, Tamilnadu, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks [Secured by first charge on entire block of assets including mortgage of factory land and personal guarantee of directors]	217.777	245.799
Loans repayable on demand from banks [Secured by hypothecation of excavators]	2.164	4.358
Other loans and advances	0.137	1.158
Short-term borrowings
Working capital loans from banks [Secured by first charge on entire current assets including hypothecation of inventories and receivables and personal guarantee of directors]	487.475	322.545
Total	707.553	573.860

Banking Relations :
Auditors :
Name :	Sanjiv Shah and Associates Chartered Accountants
Address :	Adarsh Apartments, 2^nd Floor, No. 80, Vepery High Road, Chennai - 600007, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS9494G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Madhav Pipes and Tubes Private Limited [U15339TN1992PTC022382] · Sakthi Ferro Alloys (India) Private Limited [U27101TN2005PTC055788] · Sakthi Steel Industries Limited [U27310TN2010PLC078488]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
707385	Equity Shares	Rs.10/- each	Rs.7.074 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	7.074	6.251	4.508
(b) Reserves & Surplus	326.957	239.995	154.560
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	13.872	0.000
Total Shareholders’ Funds (1) + (2)	334.031	260.118	159.068
(3) Non-Current Liabilities
(a) long-term borrowings	312.948	411.092	398.036
(b) Deferred tax liabilities (Net)	28.925	20.794	17.095
(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)	341.873	431.886	415.131
(4) Current Liabilities
(a) Short term borrowings	488.232	322.545	0.000
(b) Trade payables	298.508	433.653	75.093
(c) Other current liabilities	44.467	53.232	38.898
(d) Short-term provisions	0.213	0.306	0.013
Total Current Liabilities (4)	831.420	809.736	114.004
TOTAL	1507.324	1501.740	688.203
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	416.391	416.822	240.543
(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	0.630	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	55.444	35.577	7.106
(e) Other Non-current assets	0.035	0.071	0.106
Total Non-Current Assets	471.870	453.100	247.755
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	498.234	640.790	263.928
(c) Trade receivables	335.194	100.680	33.358
(d) Cash and cash equivalents	72.265	52.022	27.895
(e) Short-term loans and advances	128.937	252.315	113.646
(f) Other current assets	0.824	2.833	1.621
Total Current Assets	1035.454	1048.640	440.448
TOTAL	1507.324	1501.740	688.203

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	3269.532	2145.091	1422.245
	Other Income	13.296	7.445	3.534
	TOTAL (A)	3282.828	2152.536	1425.779
Less	EXPENSES
	Cost of Materials Consumed	1880.099	1417.166	1235.605
	Purchases of Stock-in-Trade	541.996	257.889	40.068
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.997	(5.085)	(148.407)
	Employees benefits expense	7.661	6.171	6.551
	Other expenditure	704.816	384.498	239.657
	Exceptional Items	36.770	0.000	0.000
	TOTAL (B)	3178.339	2060.639	1373.474
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	104.489	91.897	52.305
Less	FINANCIAL EXPENSES (D)	81.964	43.878	24.698
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	22.525	48.019	27.607
Less/ Add	DEPRECIATION/ AMORTISATION (F)	18.268	11.838	9.062
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.257	36.181	18.545
Less	TAX (H)	9.318	3.699	11.027
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(5.061)	32.482	7.518
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	785.567	253.699	174.522
	TOTAL EARNINGS	785.567	253.699	174.522
	Earnings / (Loss) Per Share (Rs.)	(7.15)	51.96	16.68

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	-0.15	1.51	0.53
Operating Profit Margins (PBTIT / Sales)	(%)	3.20	4.28	3.68
Return on Total Assets (PBT/Total Assets}	(%)	0.28	2.41	2.69
Return on Investment (ROI) (PBT/Networth)		0.01	0.14	0.12
Debt Equity Ratio (Total Debt /Networth)		2.40	2.82	2.50
Current Ratio (Current Asset/Current Liability)		1.25	1.30	3.86

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	4.508	6.251	7.074
Reserves & Surplus	154.560	239.995	326.957
Share Application money pending allotment	0.000	13.872	0.000
Net worth	159.068	260.118	334.031
long-term borrowings	398.036	411.092	312.948
Short term borrowings	0.000	322.545	488.232
Total borrowings	398.036	733.637	801.180
Debt/Equity ratio	2.502	2.820	2.399

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	1422.245	2145.091	3269.532
		50.824	52.419

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	1422.245	2145.091	3269.532
Profit	7.518	32.482	(5.061)
	0.53%	1.51%	(0.15%)

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other loans and advances	92.870	159.777
Short-term borrowings
Rupee term loans from others	0.757	0.000
Total	93.627	159.777

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10340891	02/07/2011	2,650,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B27715259
2	10170542	24/05/2013 *	1,020,700,000.00	Indian Overseas Bank	ESPLANADE BRANCH, CHENNAI, Tamil Nadu - 600108, IN  DIA	B76530435

* Date of charge modification

Note :

The registered office of the company has been shifted from D-109, 2nd Floor, LBR Complex, Chinthamani, Anna Nagar, Chennai – 600102, Tamilnadu, India to the present address.

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 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 orered 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] 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.61.92
UK Pound	1	Rs.97.12
Euro	1	Rs.76.93

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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