MIRA INFORM REPORT

Report No. :	353947
Report Date :	17.12.2015

IDENTIFICATION DETAILS

Name :	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED (w.e.f. 26.11.2001)
Formerly Known As :	SOUTH ASIA TYRES PRIVATE LIMITED (w.e.f. 07.09.2001) SOUTH ASIA TYRES LIMITED
Registered Office :	Plot No.H-18, MIDC, Industrial Area, Waluj, Aurangabad – 431136, Maharashtra
Tel. No.:	91-240-6608000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.12.1993
Com. Reg. No.:	11-075617
Capital Investment / Paid-up Capital :	Rs.5237.273 Million
CIN No.: [Company Identification No.]	U99999MH1993PTC075617
IEC No.:	0394048148
TAN No.: [Tax Deduction & Collection Account No.]	NSKG01262C
PAN No.: [Permanent Account No.]	AABCG5544P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Four Wheeler Tyres, Tubes and Flaps. (Confirmed by Management)
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (85)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 19492000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of the “GOODYEAR TIRE AND RUBBER COMPANY”, U.S. Goodyear is one of the world’s largest tyre companies. It manufactures its products in 50 facilities in 22 countries around the world. It is an established company incorporated in the year 1993 having fine track. Financial position of the company is sound. Balance sheet of the company is debt free. Fundaments of the company are strong and healthy. Further, the rating also takes into consideration rich experience of its promoters, long track record and established brand position of the company. The rating also continues to derive strength from its prominent percentage Viz. GOODYEAR TIRE AND RUBBER) and its experienced management. It is also to be noted that “GOODYEAR TIRE AND RUBBER” has been ranked 160 with Fortune 500 Companies. Trade relations are reported as trustworthy. Business is active. Payment terms are reported as regular and as per commitments. The company can be considered good 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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Rakhi Gupta
Designation :	Secretary and Finance Controller
Contact No.:	91-240-6608000
Date :	10.12.2015

LOCATIONS

Registered Office/ Factory :	Plot No.H-18, MIDC, Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-6608000/ 6608281
Fax No.:	91-240-6608281
E-Mail :	rakhi_gupta@goodyear.com
Website :	http://www.goodyear.co.in
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON : 31.03.2015

Name :

Mr. Rajeev Anand

Designation :

Director

Address :

Plot No. 17, First Floor, Pocket - II, Jasola Vihar, Behind Apollo Hospital, New Delhi - 110025, India

Date of Birth/Age :

23.05.1960

Date of Appointment :

30.09.2009

DIN No.:

02519876

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	U99999MH1993PTC075617	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED	Director	30/09/2009	20/01/2009	-	Active	NO
2	L25111HR1961PLC008578	GOODYEAR INDIA LIMITED	Managing director	20/02/2014	20/02/2009	-	Active	NO
3	U25110DL1975NPL234072	AUTOMOTIVE TYRE MANUFACTURERS ASSOCIATION	Director	14/01/2010	14/01/2010	29/09/2014	Active	NO

Name :

Oliver Carsten Gloe

Designation :

Director

Address :

Room No. 1616, Shi Ji, Da Dao No. 8, Shanghai - 200122, China

Date of Appointment :

30.09.2015

DIN No.:

07250426

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	U99999MH1993PTC075617	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED	Director	30/09/2015	01/09/2015	-	Active	NO

Name :

Timothy Alan Frosell

Designation :

Director

Address :

Room 1602, No. 5, Lane 168, Shunchang Road, Shanghai - 200000, China

Date of Birth/Age :

05.10.1963

Date of Appointment :

26.09.2014

DIN No.:

06689882

Other Directorship :

Top of Form

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	U99999MH1993PTC075617	GOODYEAR SOUTH ASIA TYRES PRIVATE LIMITED	Director	26/09/2014	11/10/2013	-	Active	NO

Bottom of Form

Name :

Leopoldo Estefano Maggiolo Gonzalez

Designation :

Additional Director

Address :

Hyatt Regency Delhi, Bhikaji Kama Place, Ring Road, Delhi - 110066, India

Date of Appointment :

19.10.2015

DIN No.:

07318939

KEY EXECUTIVES

Name :	Ms. Rakhi Gupta
Designation :	Secretary
Address :	House No. 5, Ward No. 8, Sihi Gate Bazar, Ballabgarh, Faridabad - 121004, Haryana, India
Date of Birth/Age :	08.12.1985
Date of Appointment :	01.09.2010
PAN No.:	AQOPG3628G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares	%age of holding
The Goodyear Tire and Rubber Company, United State of America	512387250	97.83
Goodyear Orient Company Private Limited, Singapore	11340000	2.17
Total	523727250	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Foreign Holding	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Four Wheeler Tyres, Tubes and Flaps. (Confirmed by Management)

Products :

NIC Code of Product / Service	Product Description
4011	Automotive tyres

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· Malaysia

· European Countries

Imports :

Products :

Raw Material

Countries :

· China

· France

· United States of America

· Argentina

Terms :

Selling :

L/C, Cheque and Credit (30/60/90 Days)

Purchasing :

L/C, Cheque and Credit (30/60/90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

Wholesalers, Retailers and End Users

No. of Employees :

500 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Backbay Reclamation Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-67574314 (Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	Price Waterhouse and Company Bangalore LLP Chartered Accountants
Address :	Price Waterhouse Building 8, 7th and 8th Floor, Tower - Board, DLF Cyber City, Gurgaon-122022, Haryana, India
PAN No:	AADFP9359C
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	The Goodyear Tire and Rubber Company, United States of America
Fellow Subsidiary Companies :	· Goodyear India Limited (CIN No.: L25111HR1961PLC008578) · Goodyear S.A., Luxembourg · Goodyear International Corporation, United States · PT Goodyear Indonesia Tbk, Indonesia · Goodyear Dalian Tire Rubber Company Limited, China · Goodyear do Brasil Produtos de Borracha Ltda, Brazil · Goodyear (Thailand) Public Company Limited, Thailand · Goodyear Singapore Tyres, Singapore · Goodyear Dunlop Tires (Germany) GMBH · Goodyear Malaysia Berhad, Malaysia · Goodyear Tire Management Company (Shanghai) Limited, China · Goodyear Orient Company (Private) Limited, Singapore · Goodyear Wingfoot Kabushiki Kaisha, Japan · Goodyear Lastikleri T A S, Turkey · Goodyear – Sri Global Purchasing Company · Goodyear Regional Business Services, Inc., Philippines

CAPITAL STRUCTURE

AS ON : 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
530000000	Equity Shares	Rs.10/- each	Rs.5300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
523727250	Equity Shares	Rs.10/- each	Rs.5237.273 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5237.300	5237.300	5237.300
(b) Reserves & Surplus	1584.800	1058.400	598.300
(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)	6822.100	6295.700	5835.600
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	408.700	502.300	327.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	174.500	151.500	125.100
Total Non-current Liabilities (3)	583.200	653.800	452.700
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1510.300	1577.900	1158.700
(c) Other current liabilities	166.200	304.800	169.300
(d) Short-term provisions	33.000	26.100	16.500
Total Current Liabilities (4)	1709.500	1908.800	1344.500
TOTAL	9114.800	8858.300	7632.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4119.400	4183.900	4262.100
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	587.200	496.900	490.700
(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	524.900	734.100	750.100
(e) Other Non-current assets	62.400	74.800	70.300
Total Non-Current Assets	5293.900	5489.700	5573.200
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	897.300	984.900	819.600
(c) Trade receivables	491.200	962.900	889.400
(d) Cash and cash equivalents	2140.100	1212.500	227.500
(e) Short-term loans and advances	262.100	159.700	92.700
(f) Other current assets	30.200	48.600	30.400
Total Current Assets	3820.900	3368.600	2059.600
TOTAL	9114.800	8858.300	7632.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	8570.900	7973.000
		Other Income	136.100	72.900
		TOTAL (A)	8707.000	8045.900	7193.300
Less	EXPENSES
		Cost of Materials Consumed	4542.000	4545.400
		Purchases of Stock-in-Trade	65.500	65.900
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	124.600	(26.000)
		Employees benefits expense	535.100	542.600
		Other expenses	1913.600	1736.600
		TOTAL (B)	7180.800	6864.500	6385.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1526.200	1181.400	808.300
Less	FINANCIAL EXPENSES (D)		21.200	7.000	6.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1505.000	1174.400	801.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		593.500	537.700	499.800
	PROFIT BEFORE TAX (E-F) (G)		911.500	636.700	301.600
Less	TAX (H)		327.000	256.100	181.400
	PROFIT AFTER TAX (G-H) (I)		584.500	380.600	120.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		810.300	429.700	309.500
Less	Impact of change in useful life of certain assets		157.500	0.000	0.000
	BALANCE CARRIED TO THE B/S		1237.300	810.300	429.700
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of goods exported	4.900	5.500	NA
		Recovery of expenses	53.000	58.900	NA
		Commission	10.100	0.000	NA
	TOTAL EARNINGS		68.000	64.400	NA
	IMPORTS
		Raw Materials	2470.500	2332.000	2126.000
		Stores & Spares	78.200	57.500	37.100
		Capital Goods	442.400	240.700	485.300
	TOTAL IMPORTS		2991.100	2630.200	2648.400
	Earnings Per Share (Rs.)		1.12	0.73	2.30

Expected Sales (2015-2016) : Rs.10000.000 Million

The above information has been parted by Ms. Rakhi Gupta (Secretary and Finance Controller).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net cash flows from (used in) operations	1904.200	1478.600	621.900
Net cash flows from (Used in) operating activities	1658.400	1355.600	574.100

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.82	4.77	NA
Operating Profit Margin (PBIDT/Sales)	(%)	17.81	14.82	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.69	7.61	4.22
Return on Investment (ROI) (PBT/Networth)		0.13	0.10	0.05
Debt Equity Ratio (Total Debt /Networth)		0.000	0.000	0.000
Current Ratio (Current Asset/Current Liability)		2.24	1.76	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5237.300	5237.300	5237.300
Reserves & Surplus	598.300	1058.400	1584.800
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5835.600	6295.700	6822.100
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total income	7193.300	8045.900	8707.000
		11.853	8.217

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total income	7193.300	8045.900	8707.000
Profit	120.200	380.600	584.500
	1.67%	4.73%	6.71%

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)	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	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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

GENERAL INFORMATION

The Company, an existing company, is a subsidiary of The Goodyear Tire and Rubber Company, Akron, Ohio, USA (GTRC). The Company is a private limited company originally incorporated as public company on December 15, 1993. The Company is engaged in the business of manufacturing and trading of tyres, tubes and flaps with manufacturing facility at Aurangabad, Maharashtra, India.

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery

· Office Equipments

· Furniture and Fittings

· Vehicles

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 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.66.85
UK Pound	1	Rs.100.58
Euro	1	Rs.73.16

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	ASN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	10
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		85

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.