MIRA INFORM REPORT

Report No. :	353622
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	MALHOTRA CABLES PRIVATE LIMITED

Registered Office :	69/29, Najagarh Road, New Delhi – 110015, India
Tel. No.:	91-9871466229 (Mr. R.K. Suneja)

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.08.1994

Com. Reg. No.:	55-060751

Capital Investment / Paid-up Capital :	Rs.19.199 Million

CIN No.: [Company Identification No.]	U74899DL1994PTC060751

IEC No.:	0596019432

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACM8040P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Automobile Cable. (Confirmed by management)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 710000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 1994 and it is having satisfactory track record. Rating takes into consideration company’s healthy financial risk profile, marked by a comfortable capital structure, high cash and bank balance with comfortable debt protection metrics. The rating further derives strength from established and experienced promoters and presence of company in cable manufacturing business for several years. This rating strength is partially offset by the prevalent competition in cable industry, and volatility in raw material prices. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered good for normal 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

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 DENIED BY

Name :	Mr. R.K. Suneja
Designation :	Accounts Head
Contact No.:	91-9871466229
Date :	08.12.2015

LOCATIONS

Registered Office :	69/29, Najagarh Road, New Delhi – 110015, India
Tel. No.:	Not Available
Mobile No.:	91-9871466229 (Mr. R.K. Suneja)
Fax No.:	Not Available
E-Mail :	accounts@malhotracables.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Tarun Malhotra

Designation :

Director

Address :

8/52, Road No. 52, Punjabi Bagh West, New Delhi - 110052, India

Date of Birth/Age :

14.04.1979

Date of Appointment :

01.01.1999

DIN No.:

00332896

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	U74899DL1994PTC060751	MALHOTRA CABLES PRIVATE LIMITED	Director	01/01/1999	01/01/1999	-	Active	NO
2	U34101DL1997PTC085431	MALHOTRA AUTOMOBILES PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Strike off	NO
3	U28910DL2010PTC199095	KOPERTEK METALS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
4	U51909DL2011PTC223334	PROGRESSIVE ALLOYS (INDIA) PRIVATE LIMITED	Additional director	30/11/2011	30/11/2011	16/07/2012	Active	NO
5	U29253DL2014PTC266227	YUVAL INDUSTRIES PRIVATE LIMITED	Director	12/03/2014	12/03/2014	-	Active	NO

Name :

Mr. Rajiv Malhotra

Designation :

Director

Address :

8/52, Road No. 52, Punjabi Bagh West, New Delhi - 110052, India

Date of Birth/Age :

26.09.1976

Date of Appointment :

01.01.1999

DIN No.:

00332941

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	U74899DL1994PTC058094	APOGEE INVESTMENTS PRIVATE LIMITED	Director	30/09/1995	30/09/1995	-	Active	NO
2	U34101DL1997PTC085431	MALHOTRA AUTOMOBILES PRIVATE LIMITED	Director	27/02/1997	27/02/1997	-	Strike off	NO
3	U74899DL1994PTC060751	MALHOTRA CABLES PRIVATE LIMITED	Director	01/01/1999	01/01/1999	-	Active	NO
4	U28910DL2010PTC199095	KOPERTEK METALS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
5	U51909DL2011PTC223334	PROGRESSIVE ALLOYS (INDIA) PRIVATE LIMITED	Additional director	30/11/2011	30/11/2011	16/07/2012	Active	NO
6	U29253DL2014PTC266227	YUVAL INDUSTRIES PRIVATE LIMITED	Director	12/03/2014	12/03/2014	-	Active	NO
7	U45400DL2007PTC171272	MOTI Realtek and Properties Private Limited	Additional director	30/11/2015	30/11/2015	-	Active	NO

Name :

Vandana Malhotra

Designation :

Director

Address :

8/52, Road No. 52, Punjabi Bagh West, New Delhi - 110052, India

Date of Birth/Age :

13.05.1949

Date of Appointment :

08.08.1994

DIN No.:

00332997

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	U74899DL1994PTC060751	MALHOTRA CABLES PRIVATE LIMITED	Director	08/08/1994	08/08/1994	-	Active	NO
2	U74899DL1994PTC058094	APOGEE INVESTMENTS PRIVATE LIMITED	Director	30/09/1995	30/09/1995	-	Active	NO
3	U34101DL1997PTC085431	MALHOTRA AUTOMOBILES PRIVATE LIMITED	Director	27/02/1997	27/02/1997	-	Strike off	NO
4	U99999DL1991PTC046648	RAMESHCHAND INVESTMENTS AND LEASING PRIVATE LIMITED	Director	25/07/2003	25/07/2003	-	Active	NO
5	U21014DL2007PTC164445	K T M L PACK PRIVATE LIMITED	Director	15/02/2009	15/02/2009	-	Active	NO
6	U28910DL2010PTC199095	KOPERTEK METALS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
7	U29253DL2014PTC266227	YUVAL INDUSTRIES PRIVATE LIMITED	Director	12/03/2014	12/03/2014	-	Active	NO

Name :

Mr. Jagdish Chander Malhotra

Designation :

Director

Address :

8/52, Road No. 52, Punjabi Bagh West, New Delhi - 110052, India

Date of Birth/Age :

23.03.1949

Date of Appointment :

08.08.1994

DIN No.:

00332771

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	U74899DL1994PTC060751	MALHOTRA CABLES PRIVATE LIMITED	Director	08/08/1994	08/08/1994	-	Active	NO
2	U74899DL1994PTC058094	APOGEE INVESTMENTS PRIVATE LIMITED	Director	30/09/1995	30/09/1995	-	Active	NO
3	U34101DL1997PTC085431	MALHOTRA AUTOMOBILES PRIVATE LIMITED	Director	27/02/1997	27/02/1997	-	Strike off	NO
4	U99999DL1991PTC046648	RAMESHCHAND INVESTMENTS AND LEASING PRIVATE LIMITED	Director	25/07/2003	25/07/2003	-	Active	NO
5	U21014DL2007PTC164445	K T M L PACK PRIVATE LIMITED	Director	15/02/2009	15/02/2009	-	Active	NO
6	U28910DL2010PTC199095	KOPERTEK METALS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
7	U29253DL2014PTC266227	YUVAL INDUSTRIES PRIVATE LIMITED	Director	12/03/2014	12/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R.K. Suneja
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Jagdish Chander Malhotra		314920
Vandana Malhotra		40000
Rajiv Malhotra		169275
Tarun Malhotra		166775
Kulveen Kaur		20
Ramesh Chand Investment and Leasing Private Limited, India		825000
Apogee Investment Private Limited		403950
Total		1919940

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	64.00
Directors or relatives of Directors	36.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Cable. (Confirmed by management)

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai- 400013, Maharashtra, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	8.504	10.499
Loans repayable on demand from banks	300.044	334.893
Other loans and advances	3.399	3.571
Total	311.947	348.963

Auditors :
Name :	H.K. Chhabra and Company Chartered Accountants
Address :	324, Dakha Chambers, 2068 / 38 , Naiwala, Karol Bagh, New Delhi-110015, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFH6993A

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Kopertek Metals Private Limited, India

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

1919940	Equity Shares	Rs.10/- each	Rs.19.199 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	19.199	19.199	19.199
(b) Reserves & Surplus	230.848	211.989	196.288
(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)	250.047	231.188	215.487

(3) Non-Current Liabilities
(a) long-term borrowings	432.590	540.161	413.193
(b) Deferred tax liabilities (Net)	0.087	0.447	0.318
(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)	432.677	540.608	413.511

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	978.193	784.430	955.748
(c) Other current liabilities	14.376	20.410	13.871
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	992.569	804.840	969.619

TOTAL	1675.293	1576.636	1598.617

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	164.113	139.692	125.953
(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	68.475	68.475	68.475
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	168.101	163.444	154.020
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	400.689	371.611	348.448

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	504.305	404.138	435.920
(c) Trade receivables	745.322	767.527	754.515
(d) Cash and cash equivalents	4.048	0.714	1.776
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	20.929	32.646	57.958
Total Current Assets	1274.604	1205.025	1250.169

TOTAL	1675.293	1576.636	1598.617

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL GROSS RECEIPTS	3395.918	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	54.575	NA	NA

Less/ Add	DEPRECIATION/ AMORTISATION	23.456	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	31.119	NA	NA

Less	TAX (H)	12.260	NA	NA

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	18.859	15.700	25.841
	Freight
	Earnings / (Loss) Per Share (Rs.)	0.00	8.17	13.45

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 operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Gross Receipts)	(%)	0.56	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.94	NA	NA

Return on Investment (ROI) (PBT/Networth)		0.12	NA	NA

Debt Equity Ratio (Total Debt /Networth)		1.73	2.34	1.92

Current Ratio (Current Asset/Current Liability)		1.28	1.50	1.29

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	19.199	19.199	19.199
Reserves & Surplus	196.288	211.988	230.848
Net worth	215.487	231.187	250.047

long-term borrowings	413.193	540.161	432.590
Short term borrowings	0.000	0.000	0.000
Total borrowings	413.193	540.161	432.590
Debt/Equity ratio	1.917	2.336	1.730

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)	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	Yes
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

WORKING RESULT

During the year the company has earned a net Profit of Rs. 31.199 Million only after providing of depreciation of Rs.23.456 Million. The gross receipts during the year is Rs.3395.918 Million.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from directors	115.555	186.109
Loans and advances from others	5.089	5.089
Total	120.644	191.198

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10177285	17/11/2014 *	425,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	C39008180
2	10116021	30/07/2008	250,000.00	Bank of India	Kirti Nagar, New Delhi, Delhi - 110015, INDIA	A43199793
3	10061934	09/07/2007	290,000.00	Bank of India	Kirti Nagar, New Delhi, Delhi - 110015, INDIA	A20180741
4	10058167	17/05/2007	500,000.00	Bank of India	Kirti Nagar, New Delhi, Delhi - 110015, INDIA	A18251926

FIXED ASSETS

Buildings
Factory building
Plant and equipment
Factory equipments
Furniture and fixtures
Vehicles
Motor vehicles
Office equipment
Computer 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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAS

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit