MIRA INFORM REPORT

Report No. :	334679
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	UMA PLASTICS LIMITED
Registered Office :	14B, Camac Street, 3^rd Floor, Suite 3D, Kolkata-700017, West Bengal
Tel. No.:	91-33-22816967/22810775/30089000/22810775
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.12.1999
Com. Reg. No.:	21-090845
Capital Investment / Paid-up Capital :	Rs.13.980 Million
CIN No.: [Company Identification No.]	U25209WB1999PLC090845
IEC No.:	0299021564
TIN No.:	19432073245
PAN No.: [Permanent Account No.]	AAACU3932E
Tax Identification No.:	19432073051
Service Tax Registration No.:	1226/GTA/SB-03/KOL/04-05
Central Sales Tax No.:	19432073245
Excise Registration No.:	AAACU3932E XM 001
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Quality Molded Plastic Products, Plastic Moulded Furniture and Industrial Plastic Components.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses moderate operational performance and reported low profitability from its operations. Rating further constrained on account of company’s moderate financial risk profile marked by modest net worth base and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Siddharth
Designation :	President
Contact No.:	91-33-22816967
Date :	03.08.2015

LOCATIONS

Registered Office/ Factory :	14B, Camac Street, 3^rd Floor, Suite 3D, Kolkata-700017, West Bengal, India
Tel. No.:	91-33-22816967/22810775/30089000/22810775
Fax No.:	91-33-22813961
E-Mail :	info@umaplastics.com vchandgotia@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Om Prakash Seksaria

Designation :

Director

Address :

6, Palm Palace, Kolkata-700019, West Bengal, India

Date of Birth/Age :

20-08.1949

Date of Appointment :

29.12.1999

Din No.:

01786559

Pan No.:

AMAPS3961L

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	U25209WB1999PLC090845	UMA PLASTICS LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
2	U25209WB2004PTC098707	UMA POLY SOLUTIONS PRIVATE LIMITED	Director	20/11/2004	20/11/2004	-	Active	NO
3	U31506WB2005PTC105047	UMA LUMINAIRES PRIVATE LIMITED	Whole-time director	01/04/2012	31/08/2005	-	Active	NO
4	U51900WB2001PTC093504	GRIST DEALERS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
5	U51909WB1996PTC081375	FRONTRADE SUPPLIERS PRIVATE LIMITED	Director	04/04/2012	04/04/2012	-	Active	NO

Name :

Mr. Krishna Kumar Seksaria

Designation :

Managing Director

Address :

6, Palm Palace, Kolkata-700019, West Bengal, India

Date of Birth/Age :

06.09.1958

Date of Appointment :

01.07.2009

Din No.:

01495002

Pan No.:

ALSPS2248D

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	U51222WB1984PTC037779	PARAM JYOTI VANIJYA PVT LTD	Director	10/12/1993	10/12/1993	-	Active	NO
2	U25209WB1999PLC090845	UMA PLASTICS LIMITED	Managing director	01/07/2009	29/12/1999	-	Active	NO
3	U25209WB2004PTC098707	UMA POLY SOLUTIONS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
4	U25207AS2005PTC007860	SWAGATH PLASTICS PRIVATE LIMITED	Director	29/08/2005	29/08/2005	-	Active	NO
5	U51909WB1996PTC081375	FRONTRADE SUPPLIERS PRIVATE LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
6	U91110WB1959NPL024140	INDIAN PLASTICS FEDERATION	Director	13/09/2006	13/09/2006	30/09/2009	Active	NO

Name :

Mr. Uday Shankar Seksaria

Designation :

Director

Address :

6, Palm Palace, Kolkata-700019, West Bengal, India

Date of Birth/Age :

05.08.1980

Date of Appointment :

29.12.1999

Din No.:

01798352

Pan No.:

ANIPS9083N

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	U25209WB1999PLC090845	UMA PLASTICS LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
2	U25209WB2004PTC098707	UMA POLY SOLUTIONS PRIVATE LIMITED	Director	20/11/2004	20/11/2004	-	Active	NO
3	U51900WB2001PTC093504	GRIST DEALERS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO

Name :

Mr. Santosh Kumar Agarwal

Designation :

Director

Address :

59/3, Acspa 8921 G, 5^th Floor, Howrah-711101, West Bengal, India

Date of Birth/Age :

13.11.1952

Date of Appointment :

01.02.2000

Din No.:

02440489

Pan No.:

ACSPA8921G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Nirmala Seksaria	50000
Om Prakash Seksaria	107100
Krishna Kumar Seksaria	52400
Bina Seksaria	70000
Santosh Kumar Agarwal	100
Swastik Kumar Agarwal	100
Uday Shankar Seksaria	100
Nitin Harlalka	200
Agrasar Vanijya Private Limited, India	625000
Paramjyoti Vanijyap Limited, India	493000
TOTAL	1398000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	88.57
Directors or relatives of directors	11.43
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Quality Molded Plastic Products, Plastic Moulded Furniture and Industrial Plastic Components.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by Management

Bankers :

Banker Name	The South Indian Bank Limited,
Branch Address	2, Hazarimull Shah Road, Howrah-711106, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Working Capital Loans From The South Indian Bank Limited	77.927	75.262
Total	77.927	75.262

Auditors :
Name :	S.K. Bhartia Chartered Accountants
Address :	39, Strand Road, 4^th Floor, Room No. 75, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22102670/22310391/0687
Fax No.:	91-33-22310364
E-Mail :	bhartiask@gmail.com
PAN No:	ADUPB4014G
Memberships :	Not Available
Associates :	· Agarsar Vanijya Private Limited · Paramiyoti Vanijya Private Limited
Enterprises owned of significantly by Key Managerial Person and their Relative (others) :	· Janaki Engineering and Trading Company · Uma Metal Industries · Uma Plastics Limited · Swagath Plastics Private Limited · O. P. Seksaria (HUF) · Chiranji Lal Om Prakash (HUF) · Chandra Shekhar Uday Shankar (HUF)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1398000	Equity Shares	Rs.10/- each	Rs.13.980 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.980	13.980	13.980
(b) Reserves & Surplus	32.162	31.511	30.045
(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)	46.142	45.491	44.025
(3) Non-Current Liabilities
(a) long-term borrowings	302.940	290.637	341.074
(b) Deferred tax liabilities (Net)	3.303	0.000	0.000
(c) Other long term liabilities	0.050	0.050	0.050
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	306.293	290.687	341.124
(4) Current Liabilities
(a) Short term borrowings	77.927	75.262	68.161
(b) Trade payables	68.768	61.815	23.122
(c) Other current liabilities	17.449	9.675	5.880
(d) Short-term provisions	5.100	3.879	3.274
Total Current Liabilities (4)	169.244	150.631	100.437
TOTAL	521.679	486.809	485.586
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92.599	93.030	82.446
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	43.874	43.544	34.767
(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	5.033	5.937
(d) Long-term Loan and Advances	1.693	1.693	0.097
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	138.166	143.300	123.247
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	112.200	91.424	149.332
(c) Trade receivables	227.241	211.681	175.870
(d) Cash and cash equivalents	19.898	18.770	17.967
(e) Short-term loans and advances	20.300	19.157	17.959
(f) Other current assets	3.874	2.477	1.211
Total Current Assets	383.513	343.509	362.339
TOTAL	521.679	486.809	485.586

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	302.305	267.685	197.435
		Other Income	12.307	10.004	10.286
		TOTAL	314.612	277.689	207.721
Less	EXPENSES
		Cost of Materials Consumed	187.799	178.829	124.373
		Purchases of Stock-in-Trade	0.000	0.000	1.348
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.387	(0.067)	(7.861)
		Employees benefits expense	9.353	12.689	11.248
		Other expenses	56.981	50.234	39.928
		TOTAL (B)	255.520	241.685	169.036
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		59.092	36.004	38.685
Less	FINANCIAL EXPENSES		39.259	27.449	29.366
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		19.833	8.555	9.319
Less/ Add	DEPRECIATION/ AMORTISATION		8.729	5.628	7.308
	PROFIT BEFORE TAX		11.104	2.927	2.011
Less	TAX		10.452	1.461	0.994
	PROFIT AFTER TAX		0.652	1.466	1.017
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.991	12.526	11.508
	BALANCE CARRIED TO THE B/S		14.643	13.991	12.526
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	5.255	2.810	2.810
	TOTAL EARNINGS		5.255	2.810	2.810
	IMPORTS
		Capital Goods	5.762	7.234	7.234
		Trading Goods	0.000	1.017	1.017
	TOTAL IMPORTS		5.762	8.251	8.251
	Earnings Per Share (Rs.)		0.47	1.05	0.73

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.22	0.55	0.52
Operating Profit Margin (PBDIT/ Sales)	(%)	19.55	13.45	19.59
Return on Total Assets (PBT/Total Assets}	(%)	2.32	0.67	0.45
Return on Investment (ROI) (PBT/Networth)		0.24	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		8.25	8.04	9.30
Current Ratio (Current Asset/Current Liability)		2.27	2.28	3.61

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.980	13.980	13.980
Reserves & Surplus	30.045	31.511	32.162
Net worth	44.025	45.491	46.142
long-term borrowings	341.074	290.637	302.940
Short term borrowings	68.161	75.262	77.927
Total borrowings	409.235	365.899	380.867
Debt/Equity ratio	9.296	8.043	8.254

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	197.435	267.685	302.305
		35.581	12.933

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	197.435	267.685	302.305
Profit	1.017	1.466	0.652
	0.52%	0.55%	0.22%

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS:

The plastic furniture which the company manufactures has over crowded market with many established players. The market is very competitive as well as price sensitive. The products of the company are well accepted in the market due to superior quality and price competitiveness. The directors are hopeful of better performance during the year.

FINANCE:

The company has initiated the reinforcement of financial discipline with parties by exercising adequate control over overhead costs for improvement of profitability. The company has not invited/accepted any deposit from the public during the year.

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Bodies Corporates	302.940	290.637
Total	302.940	290.637

CONTINGENT LIABILITIES:

Particulars	31.03.2014 [Rs. in Million]	31.03.2013 [Rs. in Million]
Guarantees given by bank on behalf of the company and counter guarantees given by the company
To Indian Oil Corporation Limited	50.000	50.000
To Others	5.000	5.000
TOTAL	55.000	55.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10135018	27/12/2013 *	155,000,000.00	THE SOUTH INDIAN BANK LIMITED	2 HAZARIMUL SHAH ROAD, BANDHAGHAT, KOLKATA, West  Bengal - 711106, INDIA	B95101481

* Date of charge modification

FIXED ASSETS:

• Factory Shed and Building
• Plant and Machinery
• Motors
• Vehicles
• Furniture and Fixtures
• Office Equipments
• Computer
• Office Premises
• Leasehold Land

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.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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	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		30

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.