MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	VALLI STEEL INDUSRTRIES PRIVATE LIMITED
Registered Office :	158 (Second Floor), Balamore Road, Nagercoil, Kanyakumari-629001, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.02.2001
Com. Reg. No.:	18-046648
Capital Investment / Paid-up Capital :	Rs.20.700 Millions
TIN :	33946120905
CIN No.: [Company Identification No.]	U27108TN2001PTC046648
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kitchen Sink and Wash Basin.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings 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

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.

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 :	Mr. Dhana Pal
Designation :	General Manager
Contact No.:	91-9443374310
Date :	16.09.2014

LOCATIONS

Registered Office :	158 (Second Floor), Balamore Road, Nagercoil, Kanyakumari-629001, Tamil Nadu, India
Tel. No.:	91-4652-231084
Mobile No.:	91-91-9443374310 (Mr. Dhana Pal)
Fax No.:	91-4652-231842
E-Mail :	princesinkvalli@gmail.com
Website :	http://www.princesink.in
Sales Office :	13A, Teacher’s Colony, Kamarajar Avenue, Adayar, Chennai – 600020, Tamilnadu, India
	Also Located At: · Thiruvananthapuram · Bangalore
Factory :	13-193,Aralvoimozhi – Nedumangad Road, Chenbagaramanputhoor – 629304, Kanniyakumari, Tamil Nadu, India
Tel. No.:	91-4652-263251
Fax No.:	91-4652-262622
E-Mail :	princesink@yahoo.in

DIRECTORS

As on: 30.09.2013

Name :

Mr. Chockalingam Nepal Raj

Designation :

Managing Director

Address :

306, Arunachalam Colony, Vadasery, Nagercoil, Kanyakumari – 629001, Tamilnadu, India

Date of Birth/Age :

31.03.1951

Date of Appointment :

16.02.2001

DIN No. :

01111705

Name :

Mr. Chockalingam Raveendran

Designation :

Director

Address :

59, Arattu Road, Vadasery, Nagercoil, Kanyakumari – 629001, Tamilnadu, India

Date of Birth/Age :

24.06.1956

Date of Appointment :

16.02.2001

DIN No. :

00653743

Name :

Mr. Ramalinga Chockalingam Nadar

Designation :

Director

Address :

6-7,Chetty Street,Vadasery, Nagercoil, Kanyakumari – 629001, Tamilnadu, India

Date of Birth/Age :

07.01.1930

Date of Appointment :

16.02.2001

DIN No. :

01291617

Name :

Mr. Chockalingam Babu Ram

Designation :

Director

Address :

6, Chetty Street, Vadasery, Nagercoil, Kanyakumari – 629001, Tamilnadu, India

Date of Birth/Age :

19.03.1968

Date of Appointment :

16.02.2001

DIN No. :

01291589

Name :

Mr. Nepal Raj Thilak

Designation :

Director

Address :

306, Arunachalam Colony, Vadasery, Nagercoil, Kanyakumari – 629001, Tamilnadu, India

Date of Birth/Age :

09.12.1977

Date of Appointment :

30.09.2011

DIN No. :

03567613

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	U27108TN2001PTC046648	VALLI STEEL INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhana Pal
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	Percentage
C.Nepalraj	1152000	55.65
C.Raveendran	246000	11.88
R.Chockalingam	138000	6.67
C.Babu Ram	138000	6.67
N.Vallinayagi	108000	5.22
Rathheesh	90000	4.35
Thilak	198000	9.57
Total	2070000	100.00

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 of Kitchen Sink and Wash Basin.
Products :	· Kitchen Sink Wash Basin Imported Sink
Exports :
Products :	Kitchen Sink and Wash Basin
Countries :	Sri Lanka
Imports :
Products :	Sink
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

· Tamilnad Mercantile Bank Limited, Nagarcoil Branch, 229-1, Charles Miller Street, College Road, Nagercoil - 629001, Tamilnadu, India

UCO Bank, Honkong

State Bank of India, Singapore

State Bank of India, Canada

State Bank of India, Hongkong

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowing
Term Loan From Banks:
Tamilnadu Mercantile Bank, Machinery Loan A/c No.100135	0.084	0.710
Tamilnadu Mercantile Bank, Van Loan A/c No.577	0.123	0.225
Tamilnadu Mercantile Bank, Mini Tempo Loan A/c No. 698	0.178	0.000
Tamilnadu Mercantile Bank, Skoda Car Loan A/c. No: 0060	0.587	0.000
Tamilnadu Mercantile Bank, TATA Ace Loan	0.303	0.000
Short term Borrowings
Loan repayable on demand: From Banks: i) Rupee Loans:
TMB, Cash Credit Loan A/c No: 304103	3.631	2.223
TMB, Packing Credit Loan	0.000	3.180
TMB, Export Loan	1.343	4.550
ii) Foreign Currency Loans:
State Bank of India (Singapore)	3.608	0.000
State Bank of India (Canada)	0.000	3.838
State Bank of India (Hongkong)	0.000	3.762
UCO Bank (Honkong)	0.000	9.363
State Bank of India (Frakfurt)	4.245	0.000
Total	14.102	27.851
Note : Cash credit from banks are secured by hypothecation of Company’s entire current assets including stocks of raw materials, work in progress, finished goods, Land, Factory Building, Plant and Machinery

Banking Relations :	--
Auditors :
Name :	B.Thanupillai and Company Chartered Accountants
Address :	No:18(Upstairs)Malikmahal, North Car Street, Nagercoil, Kanniyakumari – 629001, Tamilnadu, India
PAN No.:	ADIPK5474F
Enterprises in which Key Management Personnel and their relatives are interested :	· Lavanya Sanitary Centre, Nagercoil · K.Rm.R. Chockalinga Nadar and Company, Nagercoil · Sri Sai Ram Industry · Amritha Steel Industry · Thilak Steel Industry. · Lavanya Sanitary Centre, Monday Market · R.R. Steel Industries · K. Rm. R. Chockalinga Nadar & Company Monday Market · Prince Royal Lavanya (Srilanka)

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,070,000	Equity Shares	Rs.10/- each	Rs. 20.700 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,070,000	Equity Shares	Rs.10/- each	Rs. 20.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014
Sales Turnover (Approximately)	180.000

Expected Sales (2014-2015): Rs. 220.000 Millions

The above information has been parted by Mr. Dhana Pal (General Manager)

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	20.700	20.700	20.700
(b) Reserves & Surplus	32.790	26.906	18.896
(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)	53.490	47.606	39.596
(3) Non-Current Liabilities
(a) long-term borrowings	1.275	0.935	2.018
(b) Deferred tax liabilities (Net)	0.202	0.128	0.223
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.237	1.150	1.008
Total Non-current Liabilities (3)	2.714	2.213	3.249
(4) Current Liabilities
(a) Short term borrowings	29.063	29.735	13.749
(b) Trade payables	2.227	6.747	5.022
(c) Other current liabilities	11.263	15.138	14.608
(d) Short-term provisions	0.000	1.457	0.465
Total Current Liabilities (4)	42.553	53.077	33.844
TOTAL	98.757	102.896	76.689
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.570	15.843	16.552
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.512	1.380	0.079
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.040	5.846	5.197
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.122	23.069	21.828
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.335	19.134	17.035
(c) Trade receivables	28.509	40.847	22.760
(d) Cash and cash equivalents	2.995	15.929	6.530
(e) Short-term loans and advances	11.796	3.917	8.536
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	65.635	79.827	54.861
TOTAL	98.757	102.896	76.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	109.206	125.000	121.782
		Other Income	1.809	0.728	1.411
		TOTAL	111.015	125.729	123.193
Less	EXPENSES
		TOTAL	102.423	113.419	113.433
	PROFIT BEFORE TAX		8.592	12.310	9.760
Less	TAX		2.707	5.300	2.380
	PROFIT AFTER TAX		5.885	8.010	7.380
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.082	18.072	10.692
	BALANCE CARRIED TO THE B/S		31.967	26.082	18.072
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods in FOB basis	13.106	38.344	57.047
	TOTAL EARNINGS		13.106	38.344	57.047
	IMPORTS
		Raw Materials	8.500	16.883	14.324
	TOTAL IMPORTS		8.500	16.883	14.324
	Earnings Per Share (Rs.)		2.84	3.87	4.14

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.39	6.41	6.06
Net Profit Margin (PBT/Sales)	(%)	7.87	9.85	8.01
Return on Total Assets (PBT/Total Assets}	(%)	9.12	12.13	12.74
Return on Investment (ROI) (PBT/Networth)		0.16	0.26	0.25
Debt Equity Ratio (Total Debt/Networth)		0.57	0.64	0.40
Current Ratio (Current Asset/Current Liability)		1.54	1.52	1.62

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	20.700	20.700	20.700
Reserves & Surplus	18.896	26.906	32.790
Net worth	39.596	47.606	53.490
long-term borrowings	2.018	0.935	1.275
Short term borrowings	13.749	29.735	29.063
Total borrowings	15.767	30.670	30.338

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	121.782	125.000	109.206
		2.642	(12.635)

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	121.782	125.000	109.206
Profit	7.380	8.010	5.885
	6.06%	6.41%	5.39%

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	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

UNSECURED LOANS

Particulars	31.03.2013 Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short term borrowings
Loans and Avances from related parties C. Nepalraj (Managing Director)	16.236	1.019
Other Loans and Advances Parasbara Uthavi Thittam	0.000	1.800
Total	16.236	2.819

INDEX OF CHARGES:-

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10160983	15/05/2009	2,532,000.00	TAMILNAD MERCANTILE BANK LIMITED	229-1, CHARLES MILLER STREET,, COLLEGE ROAD,, NAG  ERCIOL, TAMIL NADU - 629001, INDIA	A63631790
2	10100715	27/03/2008	2,367,000.00	TAMILNAD MERCANTILE BANK LTD	NAGARCOIL BRANCH, 50, CHARLES MILLER STREET, NAGA  RCOIL, TAMIL NADU - 629001, INDIA	A37335189
3	10090064	04/02/2008	3,280,000.00	TAMILNAD MERCANTILE BANK LTD	NAGARCOIL BRANCH, 50, CHARLES MILLER STREET, NAGA  RCOIL, TAMIL NADU - 629001, INDIA	A33128430
4	10140190	08/06/2007	597,000.00	TAMILNAD MERCANTILE BANK LIMITED	229A, CHARLES MILLER STREET, COLLEGE ROAD, NAGERC  OIL, TAMIL NADU - 629001, INDIA	A20548301
5	80039156	31/03/2006	7,500,000.00	TAMILNADU MERCANTILE BANK LIMITED	50(229-A) CHARLESS MILLER STREET, NAGARCOIL, NAGE  RCOIL, TAMIL NADU - 629001, INDIA	-
6	90286968	10/03/2005	16,800,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPN. LIMITED	692, ANNA SALAI; NANDANAM, CHENNAI, TAMIL NADU -  600035, INDIA	-
7	90294848	22/08/2011 *	43,500,000.00	TAMILNAD MERCANTILE BANK LTD	NAGERCOIL BRANCH, 229-1, CHARLES MILLER STREET, C  OLLEGE ROAD, NAGERCOIL, TAMIL NADU - 629001, INDIA	B23199318

FIXED ASSETS:

· Land\ Land - Wind Mill

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.80
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	MTN

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	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.