MIRA INFORM REPORT

Report No. :	356985
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	AHUJA COTSPIN PRIVATE LIMITED
Registered Office :	Plot No. 25, Kirpal Nagar, Street No. 9, Near New Madhopuri, Ludhiana – 141008, Punjab
Tel. No.:	91-161-4620650
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.12.2010
Com. Reg. No.:	16-034482
Capital Investment / Paid-up Capital :	Rs. 278.328 Million
CIN No.: [Company Identification No.]	U17119PB2010PTC034482
IEC No.:	3010017502
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCA0093R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all Kind of Yarns Including cotton, Acrylic, Polyester Nylon, Viscose. [Confirmed by management]
No. of Employees :	410 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 2010 and it is engaged in the production of open-end cotton yarn through rotor spinning technology which finds application in denims and towels. For the financial year ended 2014, company has reported 56.33% revenue growth as compared to previous year revenue and it has maintain average profitability margins at 2.75% during the year under review. Rating takes into account the improvement in the operational and financial performance of the company for FY14 characterized by increased revenue and improvement in the debt coverage indicators. Furthermore, the rating continues to draw strength from the experience of the promoters, their regular financial support and established selling & distribution network. However, rating strength is partially offset by the working capital intensive nature of operations and highly competitive and fragmented nature of the industry. Trade relations are reported as fair. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition. Management of the company has not filed its financial with government department for the year 2015 and same are not available from any sources.

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	CARE
Rating	Long Term Bank Facilities = B+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	10.08.2014

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 :	Mr. Amrik Singh
Designation :	Chief Finance Officer
Contact No.:	91-8195057799

LOCATIONS

Registered Office :	Plot No. 25, Kirpal Nagar, Street No. 9, Near New Madhopuri, Ludhiana – 141008, Punjab, India
Tel. No.:	91-161-4620650
Mobile No.:	91-9814220630 (Mr. Abhishek Ahuja)
Fax No.:	Not Available
E-Mail :	amrik@ahujacotspin.com jkaa777@yahoo.com
Website :	http://www.ahujacotspin.com
Factory 1 :	Village, Lakhowal kalan, Express Highway Machiwala, Ludhiana – 141008, Punjab, India
Factory 2 :	Village Bhahiang, Machiwala, Ludhiana, Punjab, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Ashok Kumar Ahuja

Designation :

Director

Address :

803/1 Bindraban Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

13.09.1959

Date of Appointment :

06.12.2010

DIN No. :

01435714

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	U18101DL1995PTC189720	GANGA KNIT PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U17119PB2010PTC034482	AHUJA COTSPIN PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
3	U74900PB2011PTC035251	AHUJA PROCESSORS PRIVATE LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO
4	U18101PB2008PTC031848	VISTA KNITBERRY FASHIONS PRIVATE LIMITED	Director	22/08/2011	21/07/2011	29/07/2014	Active	NO

Name :

Mr. Gulshan Kumar Ahuja

Designation :

Director

Address :

803/1 Bindraban Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

16.07.1963

Date of Appointment :

06.12.2010

DIN No. :

01952150

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	U18101DL1995PTC189720	GANGA KNIT PRIVATE LIMITED	Director	25/04/1995	25/04/1995	-	Active	NO
2	U51909WB2005PTC104064	MEDHAVI GOODS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Under Process of Striking off	NO
3	U17299PB2008PLC032050	SEL TEXTILES LIMITED	Director	16/06/2010	18/11/2009	02/12/2013	Active	NO
4	U17119PB2010PTC034482	AHUJA COTSPIN PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
5	U51109WB2007PTC114252	JOJOBA DEALCOM PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Active	NO
6	U74900PB2011PTC035251	AHUJA PROCESSORS PRIVATE LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO

Name :

Mr. Vishal Ahuja

Designation :

Director

Address :

803/1 Bindraban Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

19.09.1987

Date of Appointment :

16.12.2010

DIN No. :

02433967

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	U51109WB2007PTC114252	JOJOBA DEALCOM PRIVATE LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
2	U17119PB2010PTC034482	AHUJA COTSPIN PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amrik Singh
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Gulshan Kumar Ahuja	5370
Ashok Kumar Ahuja	5360
Vishal Ahuja	113710
Abhay Kumar Ahuja	48330
Abhishek Ahuja	20000
Ganga Enterprises, India	8514730
Jajoba Dealcom Private Limited, India	6146310
Ganga International, India	1838330
Total	16692140

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	37.00
Directors or relatives of Directors	63.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of all Kind of Yarns Including cotton, Acrylic, Polyester Nylon, Viscose. [Confirmed by management]
Products :	Cotton Acrylic Polyester Nylon Viscose
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Cotton, Acrylic, Polyester Nylon, Viscose
Countries :	Bangladesh Australia Vietnam Egypt China Pakistan Nepal
Imports :
Products :	Machinery
Countries :	Germany China France
Terms :
Selling :	Cash, Credit and Advance Payment
Purchasing :	Cash, Credit and Advance Payment

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

410 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	SME Branch, Ludhiana, Punjab, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• Punjab National Bank
• State Bank of Patiala
• Central Bank of India
• United Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
CBI C/C		62.382
PNB C/C		94.924
SBP C/C		62.188
CBI – MTL		100.427
PNB MTL		152.012
UBI MTL		100.540
SBI MTL		8.420
Total	908.973	580.893

Auditors :
Name :	J.K. Arora and Associate Chartered Accountants
Address :	Shop No 30-LGF, Asian Lak Tower, Gurdev Nagar, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-4674477
Mobile No.:	91-9876744777
E-Mail :	Jkarora_associates@yahoo.co.in
PAN No.:	AAYPK0416C
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : 300.000 Million

Issued, Subscribed & Paid-up Capital : 278.328 Million

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16692140	Equity Shares	Rs.10/- each	Rs.166.921 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		278.328	126.016	47.212
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		176.175	149.512	94.611
4] General Reserve		21.221	0.219	0.014
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		475.724	275.747	141.837
LOAN FUNDS
1] Secured Loans		908.973	580.893	223.363
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		908.973	580.893	223.363
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1384.697	856.640	365.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		821.559	472.328	256.754
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		17.210	5.824	14.173
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	251.753	202.529	4.985
	Sundry Debtors	154.876	129.085	0.000
	Cash & Bank Balances	5.809	0.619	14.914
	Accrued Interest on FDR	1.328	0.979	0.000
	FDRS	17.999	11.433	0.000
	Loans & Advances	142.993	78.265	63.305
Total Current Assets		574.758	422.910	83.204
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors Other Current Liabilities	71.675	67.453	4.296
	Advance From Customers	0.629	0.228	0.000
Total Current Liabilities		72.304	67.681	4.296
Net Current Assets		502.454	355.229	78.908
MISCELLANEOUS EXPENSES		43.474	23.259	15.365
TOTAL		1384.697	856.640	365.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	952.334	600.533	0.006
	Other Income	11.393	15.876	0.000
	TOTAL	963.727	616.409	0.006
Less	EXPENSES
	Cost of Goods	675.143	437.012	0.003
	Commission on Purchase	0.000	0.011	0.000
	Electricity Expenses	78.233	0.000	0.000
	Freight on Purchase	11.176	6.279	0.000
	Bank Interest – MTL	37.400	36.939	0.000
	Bank Interest on CC	33.026	22.108	0.000
	Bonus	1.034	0.000	0.000
	Commission Account on Sale	4.817	3.844	0.000
	Exchange Rate Fluctuation	8.776	0.784	0.000
	Freight on Export	3.591	5.030	0.000
	Machinery Repair and Maintenance	2.247	0.266	0.000
	Salaries	10.994	9.721	0.000
	Other expenses	31.117	62.402	0.000
	TOTAL	897.554	584.396	0.003
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	66.173	32.013	0.003
Less	DEPRECIATION/ AMORTISATION	39.984	31.758	0.000
	NET PROFIT	26.189	0.255	0.003

Particulars	31.03.2015
Sales Turnover (Approximately)	2040.000

The above information has been parted by Mr. Amrik (C.F.O.)

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) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.75	0.04	50.00
Return on Total Assets (PBT/Total Assets)	(%)	1.88	0.03	0.00
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		2.91	3.11	2.57
Current Ratio (Current Asset/Current Liability)		7.95	6.25	19.37

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	47.212	126.016	278.328
Reserves & Surplus	94.611	149.512	176.175
General Reserve	0.014	0.219	21.221
Net worth	141.837	275.747	475.724
Secured Loans	223.363	580.893	908.973
Unsecured Loans	0.000	0.000	0.000
Total borrowings	223.363	580.893	908.973
Debt/Equity ratio	1.575	2.107	1.911

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	0.006	600.533	952.334
		10,008,783.333	58.581

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	0.006	600.533	952.334
Profit	0.003	0.255	26.189
	50.00%	0.04%	2.75%

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	No
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	No
26	Turnover of firm for last four 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	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

INDEX OF CHARGES

S. N.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502337	17/04/2014	93,500,000.00	UNION BANK OF INDIA	MID CORPORATE, LUDHIANA, PUNJAB - 141001, INDIA	C06058143
2	10502338	17/04/2014	250,000,000.00	STATE BANK OF INDIA IN CONSORTIUM WITH UNION BANK OF INDIA	SME DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA	C06037360
3	10425144	16/03/2013	288,000,000.00	STATE BANK OF INDIA	SME BRANCH, DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA	B74942202
4	10354722	21/05/2014 *	399,000,000.00	PUNJAB NATIONAL BANK STATE BANK OF PATAILA CENTRAL  BANK OF INDIA	LARGE CORPORATE BRANCH, CHEEMA CHOWK, BHARAT NAGAR CHOWK, FOCAL POINT, LUDHIANA, PUNJAB - 141003, INDIA	C06745582
5	10313670	24/12/2013 *	838,400,000.00	PUNJAB NATIONAL BANK STATE BANK OF PATAILA CENTRAL  BANK OF INDIA UNITED BANK OF INDIA	LARGE CORPORATE BRANCH, CHEEMA CHOWK, BHARAT NAGAR CHOWK, FOCAL POINT, LUDHIANA, PUNJAB - 141003, INDIA	B94359775

* Date of charge modification

FIXED ASSETS

· Building

· Computer

· Electric Installations

· Fire Fighting Equipments

· Furniture and Fixtures

· Generator Set

· Lab Equipments

· Machinery

· Land At Lakhowala

· Mobile Phones

· Motor Cycle

· Office Equipments

· Office Installation

· Tempo

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.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	NKT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.