MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	HEERU CORROSION PROTECTION SERVICES (INDIA) PRIVATE LIMITED (w.e.f. 19.02.2013)
Formerly Known As :	HEERU PAINTS CONTRACTS PRIVATE LIMITED
Registered Office :	4/602, Alkapuri Arcade, Alkapuri, R C Dutt Road, Baroda – 390005, Gujarat,
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.04.1997
Com. Reg. No.:	04-032136
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U36998GJ1997PTC032136
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Services Like Industrial Painting, Corrosion Protection Services in India
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating is constrained on account of competitive pressures from organized as well as unorganized players in fragmented industry. However, rating also takes into account growth in revenues and decent liquidity position of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash credit = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	April, 2014

Rating Agency Name	ICRA
Rating	Bank guarantee = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	April, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Shilpa
Designation :	Finance and Accounts Manager
Contact No.:	91- 265- 6643436
Date :	02.09.2014

LOCATIONS

Registered Office :	4/602, Alkapuri Arcade, Alkapuri, R C Dutt Road, Baroda – 390005, Gujarat, India
Tel. No.:	91- 265 – 6643436
Fax No.:	91- 265 – 2359885
E-Mail :	info@heerugroup.in
Website :	www.heeruindia.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Girishbhai Vasantrai Katkoria

Designation :

Managing Director

Address :

59, Urmi Society, 402, Haveli Darshan, Near Goverdhannath Haveli, Productivity Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

13.06.1955

Date of Appointment :

30.01.2009

DIN No.:

00673892

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	U36998GJ1997PTC032136	HEERU CORROSION PROTECTION SERVICES INDIA PRIVATE LIMITED	Managing director	30/01/2009	21/04/1997	-	Active	NO
2	U45201GJ2011PTC065999	TRANS ENGICON PROJECTS PRIVATE LIMITED	Director	28/09/2012	27/08/2012	-	Active	NO

Name :

Mrs. Tarulata Girishbhai Katkoria

Designation :

Director

Address :

59, Urmi Society, 402, Haveli Darshan, Near Goverdhannath Haveli, Productivity Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

30.07.1960

Date of Appointment :

21.04.1997

DIN No.:

00673937

Name :

Mr. Rushabh Girishbhai Katkoria

Designation :

Director

Address :

59, Urmi Society, 402, Haveli Darshan, Near Goverdhannath Haveli, Productivity Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

21.11.1984

Date of Appointment :

01.08.2007

DIN No.:

01661461

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	U36998GJ1997PTC032136	HEERU CORROSION PROTECTION SERVICES INDIA PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
2	U45201GJ2011PTC065999	TRANS ENGICON PROJECTS PRIVATE LIMITED	Director	21/06/2011	21/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shilpa
Designation :	Finance and Accounts Manager
Name :	GG and Associates
Designation :	Company secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Girishbhai Vasantrai Katkoria	1055625
Tarulata Girishbhai Katkoria	171875
Rushabh Girishbhai Katkoria	272500
Total	1500000

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 :	Providing Services Like Industrial Painting, Corrosion Protection Services in India
Terms :
Selling :	Cash , Advance Payment, Cheque and Credit (30/60 Days)
Purchasing :	Cash , Advance Payment, Cheque and Credit (30/60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and Industrial

No. of Employees :

600 (Approximately)

Bankers :

Union Bank Of India, Sayajiganj Branch, Sayajiganj, Vadodara – 390005, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loans From Banks	7.072	6.397
SHORT TERM BORROWINGS:
Loans repayable on demand from banks – cash credit from UBI	14.805	8.505
Loans repayable on demand from banks – secured overdraft from UBI	4.557	0.000
Total	26.434	14.902

Banking Relations :	--
Auditors :
Name :	Viral K. Shah and Associates Chartered Accountants
Address :	Kshitij, Level 3, Opposite R. C. Patel Estate, Near Akota Garden, Akota, Vadodara – 390020, Gujarat, India
Tel No.:	91-285-8636866
PAN No.:	AFGPS7070F
Associates/Subsidiaries :	Shree Vallabha Enterprise Cosmo Flavours Trans Engicon Projects Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized 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
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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	15.000	15.000	13.500
(b) Reserves & Surplus	41.772	33.522	25.088
(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)	56.772	48.522	38.588
(3) Non-Current Liabilities
(a) long-term borrowings	13.059	11.878	13.539
(b) Deferred tax liabilities (Net)	5.057	4.332	3.624
(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)	18.116	16.210	17.163
(4) Current Liabilities
(a) Short term borrowings	19.362	8.505	14.317
(b) Trade payables	86.225	79.205	55.772
(c) Other current liabilities	25.373	25.653	18.784
(d) Short-term provisions	6.403	5.948	5.111
Total Current Liabilities (4)	137.363	119.311	93.984
TOTAL	212.251	184.043	149.735
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.730	51.235	50.331
(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	1.028	0.328	0.224
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.102	9.418	15.925
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	69.860	60.981	66.480
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.365	14.383	5.804
(c) Trade receivables	59.300	50.681	45.323
(d) Cash and cash equivalents	47.609	23.133	17.145
(e) Short-term loans and advances	30.117	34.865	14.983
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	142.391	123.062	83.255
TOTAL	212.251	184.043	149.735

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	301.840	283.126	241.254
		Other Income	5.220	1.738	1.189
		TOTAL (A)	307.060	284.864	242.443
Less	EXPENSES
		Cost of Materials Consumed	124.834	134.169	110.047
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.785)	3.011	(4.376)
		Employees benefits expense	79.757	69.972	51.681
		Other expenses	71.995	49.169	52.653
		TOTAL (B)	275.801	256.321	210.005
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.259	28.543	32.438
Less	FINANCIAL EXPENSES (D)		6.334	3.711	6.346
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.925	24.832	26.092
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.619	5.284	8.538
	PROFIT BEFORE TAX (E-F) (G)		20.306	19.548	17.554
Less	TAX (H)		6.826	6.408	6.096
	PROFIT AFTER TAX (G-H) (I)		13.480	13.140	11.458
	Earnings Per Share (Rs.)		8.99	8.76	8.49

Particulars	31.03.2014
Sales Turnover (Approximately)	250.000 (Due to Recession)

Expected Sales (2014-2015): Rs. 300.000 Millions

The above information has been parted by Ms. Shilpa.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.39	4.61	4.73
Net Profit Margin (PBT/Sales)	(%)	6.73	6.90	7.28
Return on Total Assets (PBT/Total Assets}	(%)	9.61	10.64	11.74
Return on Investment (ROI) (PBT/Networth)		0.36	0.40	0.45
Debt Equity Ratio (Total Debt/Networth)		0.57	0.42	0.72
Current Ratio (Current Asset/Current Liability)		1.04	1.03	0.89

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	13.500	15.000	15.000
Reserves & Surplus	25.088	33.522	41.772
Net worth	38.588	48.522	56.772
long-term borrowings	13.539	11.878	13.059
Short term borrowings	14.317	8.505	19.362
Total borrowings	27.856	20.383	32.421
Debt/Equity ratio	0.722	0.420	0.571

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	241.254	283.126	301.840
		17.356	6.610

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	241.254	283.126	301.840
Profit	11.458	13.140	13.480
	4.75%	4.64%	4.47%

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%	Yes
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)	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loans From Banks / Financial Institutions	5.987	5.481

CORPORATE INFORMATION

Heeru Corrosion Protection Services India Private Limited [HCPSIPL] (formerly Heeru Paints Contracts Private Limited) was incorporated in the year 1997, providing extraordinary services to diverse industries, primarily directed towards Oil and Gas, heavy manufacturing, power generation, petrochemical, water treatment, pharmaceuticals, jelly, LPG plants and waste treatment industries where corrosion protection is of prime importance. Our company is an ISO 9001 & OHSAS 18001 certified company by the Bureau Veritas Certificate

(India) Private Limited. Today HCPSIPL has become one stop solution & services for surface preparation vide auto blasting machines for structural steel ( Fabricated / Raw ) piping up to 96 inches/Pipe spools/Elbows/Plates,

Supply of paints and applications, material handling Equipments like hydra, trailers etc. with riggers, scaffolding, man lifts, in house QA/QC team etc.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10140473	05/05/2014 *	97,501,000.00	UNION BANK OF INDIA	UNION BANK OF INDIA, SAYAJIGANJ BRANCH, SAYAJIGUNJ, VADODARA - 390005, GUJARAT, INDIA	C03258688
2	10093541	20/09/2007	2,500,000.00	UNION BANK OF INDIA	SAYAJIGUNJ BRANCH, UNION BANK BHAVAN, SAYAJIGUNJ,  VADODARA - 390007, GUJARAT, INDIA	A34570630
3	90110745	18/06/2004	925,000.00	UNION BANK OF INDIA	SAYAJIGUNJ BRANCH, UNION BANK BHAWAN; SAYAJIGANJ,  VADODARA, GUJARAT, INDIA	-
4	90110165	30/01/2014 *	97,501,000.00	UNION BANK OF INDIA	SAYAJIGANJ BRANCH,, SAYAJIGANJ,, VADODARA - 390005, GUJARAT, INDIA	B96544879
5	80051929	18/06/1998	250,000.00	UNION BANK OF INDIA	SAYAJIGUNJ BRANCH, UNION BANK BHAVAN, BARODA - 390005, GUJARAT, INDIA	-
6	80051930	18/06/1998	1,000,000.00	UNION BANK OF INDIA	SAYAJIGUNJ BRANCH, UNION BANK BHAVAN, BARODA - 390005, GUJARAT, INDIA	-
7	90109813	18/06/1998	350,000.00	UNION BANK OF INDIA	SAYAJIGUNJ BRANCH, STATION ROAD, BARODA - 390005, GUJARAT , INDIA	-

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 judgment or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No 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.60.61
UK Pound	1	Rs.100.48
Euro	1	Rs.79.56

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.