MIRA INFORM REPORT

Report No. :	338032
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	GEA PROCESS ENGINEERING (INDIA) PRIVATE LIMITED (w.e.f. 23.08.2007)
Formerly Known As :	GEA PROCESS ENGINEERING (INDIA) LIMITED (w.e.f. 22.09.2005) L AND T-NIRO LIMITED
Registered Office :	Block No. 8 P.O. Dumad, Savli Road, Vadodara - 391740, Gujarat
Tel. No.:	91-9825111244
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.02.1992
Com. Reg. No.:	04-078975
Capital Investment / Paid-up Capital :	Rs. 1089.471 Million
CIN No.: [Company Identification No.]	U74999GJ1992PTC078975
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDL00183B
PAN No.: [Permanent Account No.]	AAACL0566H
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of process engineering solutions including design engineering, procurement, erection construction and commissioning for the dair.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “GEA Process Engineering A/S Germany It is an established company incorporated during the year 1992 having a satisfactory track record. The company has incurred some accumulated losses. However, the company has achieved a good profitability during FY 2014 which has reduce some part of its accumulated losses. The company also receives strong operational and managerial support from its holding company. Further, the rating also takes into consideration, fair liquidity position of the company and favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of long track record, strong holding support and acceptable financial base, 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Michael Niese
Designation :	Finance Manager
Contact No.:	91-9825111244
Date :	21.08.2015

LOCATIONS

Registered Office :	Block No. 8 P.O. Dumad, Savli Road, Vadodara - 391740, Gujarat, India
Tel. No.:	91-265-3074202/3061700
Mobile No.:	91-9825111244 (Mr. Michael Niese)
Fax No.:	91-265-3074255/3061755
E-Mail :	info.gpin.in@geagroup.com
Website :	http://www.gea.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Srinivasan Subramanian

Designation :

Director

Address :

Flat No. 6, Raymont Court, No. 33, Pycrofts Garden Road, Nungmbakkam – 600006, Chennai, Tamilnadu, India

Qualification :

B. Tech (Hons) and MBA

Date of Birth/Age :

14.06.1951

Date of Appointment :

17.09.2007

DIN No.:

01798413

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	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Director	31/12/2014	17/09/2007	-	Active	NO
2	U29249GJ2007FTC050513	GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED	Director	16/04/2008	16/04/2008	03/07/2009	Active	NO

Name :

Abhay Shriram Chaudhari

Designation :

Managing Director

Address :

Plot No 84 Nakshatra Bunglow, Paud Road Bhusari Colony, Pune – 411038, Maharashtra, India

Date of Birth/Age :

13.06.1961

Date of Appointment :

01.05.2014

DIN No.:

01042681

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	U29299PN2003PTC018002	ELINA SOLUTIONS PRIVATE LIMITED	Director	05/06/2003	05/06/2003	22/08/2012	Active	NO
2	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Managing director	01/01/2015	01/05/2014	-	Active	NO
3	U36998GJ1996PTC031223	GEA REFRIGERATION INDIA PRIVATE LIMITED	Additional director	01/06/2015	01/06/2015	-	Active	NO

Name :

Ronald Anthony Youngs

Designation :

Director

Address :

Scarlet Oakes, Ridgway, Pyrford, Woking, Gu228pn, United Kingdom

Date of Birth/Age :

08.02.1952

Date of Appointment :

08.03.2014

DIN No.:

02886912

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	U29249GJ2007FTC050513	GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED	Director	28/12/2009	02/07/2009	-	Active	NO
2	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Director	08/03/2014	08/03/2014	-	Active	NO

Name :

Tom Niels Wrensted

Designation :

Director

Address :

Nodebovej 15, Nodebo, Fredensborg, 3480, Denmark

Date of Birth/Age :

08.07.1965

Date of Appointment :

31.12.2010

DIN No.:

03324734

Name :

Michael Niese Petersen

Designation :

Alternate director

Address :

101, Agam Flats, 39 Haribhakti Extention, Old Padra road, Vadodara – 390007, Gujarat, India

Date of Appointment :

07.04.2015

DIN No.:

07151838

KEY EXECUTIVES

Name :	Mr. Michael Niese
Designation :	Finance Manager
Name :	Shruti Vishwanath Shetty
Designation :	Secretary
Address :	C/10 Tulsidham Society, Near Hotel Airport, Harni Road, Vadodara – 390022, Gujarat, India
Date of Appointment :	02.12.2014
PAN No.:	FLIPS5001K

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
GEA Process Engineering A/S	7999994
Raman Madhok	5
Tom Wrensted	1
Total	8000000

Names of Preference Shareholders	No. of Shares
GEA Process Engineering A/S	10094706

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service provider of process engineering solutions including design engineering, procurement, erection construction and commissioning for the dair.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Nepal Singapore
Imports :
Products :	Raw Material
Countries :	European Countries
Terms :
Selling :	Cash and Credit (30/60/90 days)
Purchasing :	Cash and Credit (30/60/90 days)

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

200 (Approximately)

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	WTC Complex, Cuffe Parade
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66553355
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)	Cash Credit Rs. 500.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Deloitte Haskin and Sells Chartered Accountant
Address :	Vadodara, Gujarat, India
Memberships :	--
Collaborators :	--
Holding company :	GEA Process Engineering A/S
Subsidiary company :	GEA Pharma Systems (India) Private Limited
Associates :	GEA Brewery Systems GmbH (previously known as Huppmann GmbH) GEA Bischoff GmbH GEA Ecoflex India Private Limited GEA Niro Soavi S.p.A. GEA Pharma Systems AG (previously known as Aeromatic Fielder AG) GEA Pharma Systems AG (previously known as Collette NV ) GEA Pharma Systems Ltd. GEA Process Engineering France ( previously known as GEA PT France SAS ) GEA Process Engineering Inc. GEA Process Engineering S.A. GEA Process Engineering China Limited GEA Procomac SPA GEA TDS GmbH GEA Tuchenhagen GmbH GEA Westfalia Separator Process GmbH GEA Wiegand GmbH ( previously known as GEA Jet Pumps GmbH ) GEA Colby Pty Limited GEA Messo GmbH GEA Grasso GmbH GEA Process Engineering Limited ( previously known as GEA Barr-Rosin Limited ) GEA Filtration GEA Diessel GmbH GEA WESTFALIA SEPARATORS (I) Private Limited GEA Process Engineering UK GEA Eurotek Engineering Limited GEA NU-CON LIMITED GEA Process Engineering Pte. Limited GEA Avapac Limited GEA Process Engineering Limited - New Zeland GEA Refrigeration GEA Pharma Systems Limited Gea Process Eng Netherland GEA Process Tech - Ireland GEA Process Engineering Limited GEA Pharma Systems NV GEA Bock India Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million
10100000	Preference Shares	Rs. 100/- each	Rs. 1010.000 Million
	Total		Rs. 1110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Million
10094706	Preference Shares	Rs. 100/- each	Rs. 1009.471 Million
	Total		Rs. 1089.471 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	1089.471	1089.471	1089.471
(b) Reserves & Surplus	(316.196)	(461.255)	(568.662)
(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)	773.275	628.216	520.809
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.770
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	43.138	39.739	25.920
Total Non-current Liabilities (3)	43.138	39.739	26.690
(4) Current Liabilities
(a) Short term borrowings	258.560	334.350	126.920
(b) Trade payables	384.738	481.072	333.568
(c) Other current liabilities	783.843	868.274	919.963
(d) Short-term provisions	201.390	174.214	195.451
Total Current Liabilities (4)	1628.531	1857.910	1575.902
TOTAL	2444.944	2525.865	2123.401
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	310.032	201.955	188.582
(ii) Intangible Assets	117.785	177.300	232.423
(iii) Capital work-in-progress	0.000	91.505	10.769
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	398.645	310.724	310.724
(c) Deferred tax assets (net)	19.010	19.009	19.009
(d) Long-term Loan and Advances	187.594	110.192	111.454
(e) Other Non-current assets	0.000	1.352	1.352
Total Non-Current Assets	1033.066	912.037	874.313
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	87.898	175.707	98.443
(c) Trade receivables	775.202	834.118	571.055
(d) Cash and cash equivalents	87.135	92.450	58.221
(e) Short-term loans and advances	228.943	405.262	358.514
(f) Other current assets	232.700	106.291	162.855
Total Current Assets	1411.878	1613.828	1249.088
TOTAL	2444.944	2525.865	2123.401

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL	2796.236	2953.073	1961.125
Less	EXPENSES
	TOTAL	2649.689	2848.667	1917.602
	PROFIT BEFORE TAX	146.547	104.406	43.523
Less	TAX	1.488	(3.000)	20.000
	PROFIT AFTER TAX	145.059	107.406	23.523
	Earnings Per Share (Rs.)	8.02	5.94	1.30

Particulars	31.03.2015
Sales Turnover (Approximately)	2900.000

The above information has been parted by Mr. Michael Niese (Finance Head)

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 flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.19	3.64	1.20
Return on Total Assets (PBT/Total Assets}	(%)	7.23	4.96	2.44
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	0.08
Debt Equity Ratio (Total Debt /Networth)		0.33	0.53	0.25
Current Ratio (Current Asset/Current Liability)		0.87	0.87	0.79

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	1089.471	1089.471	1089.471
Reserves & Surplus	(568.662)	(461.255)	(316.196)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	520.809	628.216	773.275
long-term borrowings	0.770	0.000	0.000
Short term borrowings	126.920	334.350	258.560
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	127.690	334.350	258.560
Debt/Equity ratio	0.245	0.532	0.334

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	1961.125	2953.073	2796.236
		50.581	(5.311)

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	1961.125	2953.073	2796.236
Profit	23.523	107.406	145.059
	1.20%	3.64%	5.19%

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	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 6, Tawade Building, K V Chitale Paath, Dadar, Mumbai – 400028, Maharashtra, India to the present address w.e.f. 04.02.2014.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	32.523	0.000
Loans repayable on demand from banks	180.000	310.000
Other loans and advances	46.037	24.350
Total	258.560	334.350

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10068825	18/01/2012 *	500,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B32800971
2	10068823	02/02/2012 *	500,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B32801557
3	90164437	23/01/2004	85,000,000.00	IDBI BANK LTD.	CONCORDE BUILDING R.C. DUTT ROAD, ALKAPURI, VAROD  ARA, Gujarat - 390007, INDIA	-
4	90164255	15/05/2002	75,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWDERS COLABA, BOMBAY, Maharashtra - 400005, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• 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. 65.83
UK Pound	1	Rs. 103.39
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--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	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		44

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.