MIRA INFORM REPORT

Report No. :	301966
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	JOHNSON CONTROLS MARINE AND REFRIGERATION INDIA LIMITED (w.e.f. 11.10.2012)
Formerly Known As :	YORK INDIA LIMITED
Registered Office :	501 A, Business Plaza, 36/3 B, The Westin, Ghorpadi, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.10.2000
Com. Reg. No.:	11-015669
Capital Investment / Paid-up Capital :	Rs.84.001 Millions
CIN No.: [Company Identification No.]	U29191PN2000PLC015669
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACU0929R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the business of project execution i.e. supply / erection of Refrigeration plants and manufacturing of Air-conditioning chillers and also involved in trading of spares and services required for all such Refrigeration plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company is continuously incurring losses which has resulted into fully erosion of net worth. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 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 31-03-2014.

LOCATIONS

Registered Office :	501 A, Business Plaza, 36/3 B, The Westin, Ghorpadi, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-66067100
Fax No.:	Not Available
E-Mail :	kavita.chhajer@jci.com
Factory :	Gat No 357-84, Next To Birla Corporation, Chakan - Talegaon Road, Village - Kharabwadi, Taluka - Khed, Chakan, Pune - 410501 Maharashtra India
Tel. No.:	91-2135-660104
Fax No.:	91-2135-662160
Branch Offices :	Located At : Mumbai Bangalore Noida Kolkata Pune Hyderabad Chennai

DIRECTORS

As on 30.09.2014

Name :

Mr. Shrikant Shrikrishna Bapat

Designation :

Director

Address :

A 1, Rajdin Apartment, Mental Hospital Road, Thane West - 400604, Maharashtra, India

Date of Birth/Age :

13.03.1965

Date of Appointment :

30.09.2013

DIN No.:

00680243

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	U29192PN1993PLC071223	Emerson Climate Technologies (India) Limited	Managing director	17/10/2011	17/10/2006	31/08/2012	Active	NO
2	U29191PN2000PLC015669	Johnson Controls Marine and Refrigeration India Limited	Director	30/09/2013	03/12/2012	-	Active	NO
3	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Managing director	03/12/2012	03/12/2012	-	Active	NO

Name :

Soren Bjerg

Designation :

Director

Address :

16 Leedon Heights, #09-03, Singapore, Singapore, 267937, Singapore

Date of Birth/Age :

06.04.0963

Date of Appointment :

29.09.2007

DIN No.:

01824887

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	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Director	17/09/2007	17/09/2007	-	Active	NO
2	U29191PN2000PLC015669	Johnson Controls Marine and Refrigeration India Limited	Director	29/09/2007	29/09/2007	-	Active	NO

Name :

Sudhi Ranjan Sinha

Designation :

Director

Address :

C-101, Lake Homes,, Phase 3 , Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

02.08.1975

Date of Appointment :

30.09.2013

DIN No.:

06432831

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	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Director	30/09/2013	03/12/2012	-	Active	NO
2	U29191PN2000PLC015669	Johnson Controls Marine and Refrigeration India Limited	Director	30/09/2013	03/12/2012	-	Active	NO

Name :

Brian James Cadwallader

Designation :

Director

Address :

11908 N Wilderness CT, WI 53092-2984, Mequon, NA, United States of America

Date of Appointment :

01.10.2014

DIN No.:

06968964

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	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Director	01/10/2014	01/10/2014	-	Active	NO
2	U29191PN2000PLC015669	Johnson Controls Marine and Refrigeration India Limited	Director	01/10/2014	01/10/2014	-	Active	NO

Name :

Brian John Stief

Designation :

Additional Director

Address :

20755,Bradford, LN, Brookfield, WI, 53045, United States of America

Date of Appointment :

30.11.2014

DIN No.:

07039666

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	U33130MH1995PTC111247	JOHNSON CONTROLS (INDIA) PRIVATE LIMITED	Additional director	30/11/2014	30/11/2014	-	Active	NO
2	U29191PN2000PLC015669	Johnson Controls Marine and Refrigeration India Limited	Additional director	30/11/2014	30/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Kavita Lunawat
Designation :	Secretary
Address :	A/304, Jeevan Sahar CHS, 94, Tarun Bharat, Andheri East, Mumbai - 400099, Maharashtra, India
Date of Birth/Age :	27.06.1963
Date of Appointment :	17.10.2011
PAN No.:	ACEPL6742N

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Amol Pradhan	10
Seemant Sharma	10
Amruta Gaba	10
Johnson Controls Denmark Aps, Denmrk	8400000
Manoj Jain	10
Bharat Balchandani	10
Raghavan Krishnan	10
Vijay Pitre	10
Total	8400070

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 :

The Company is engaged in the business of project execution i.e. supply / erection of Refrigeration plants and manufacturing of Air-conditioning chillers and also involved in trading of spares and services required for all such Refrigeration plants.

Products :

Product Description	Item Code No. (ITC Code)
Refrigeration Spare Parts	84186990

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra, India
PAN No.:	AABFL5878L
Memberships :	--
Collaborators :	--
Holding Company :	Johnson Controls Denmark Aps, Denmark
Fellow Subsidiary Company :	York Refrigeration Marine (China) Limited Johnson Controls System and Service, Italy York Marine Ab, Sweden Johnson Controls Technology Company, USA York Refrigeration Systems(Frick Part Centre), Baltimore Md, USA Johnson Controls/Frick, Waynesboro, USA York International (Holdings), UK York International Ltda, Brazil Johnson Controls Limited UK York(Shanghai) Air-Conditioning And Refrigeration International Trading Co Ltd, P R China York Air Conditioning And Refrigeration Fze Dubai, UAE Johnson Controls Holding (S) Ptd Limited, Singapore Johnson Controls (S) Pte Limited, Singapore Johnson Controls Systems and Service, Germany, York (Wuxi) A/C and Refrigeration Company Limited, China Johnson Controls, Inc. USA Johnson Controls Australia Pty, Australia Al Salem Johnson Controls Manufacturing Company, Saudi Arabia York Oyl Condair Industriesdn Bhd, Malaysia Johnson Controls India Private Limited, India Johnson Controls Ind Sas (France) York Industrial (Thailand) Company, Limited York International (Northern Aisa) Limited (Hongkong) York International Corporation, USA Johnson Controls, Milwaukee Usa York Guangzhou A/C and Refrigeration Company 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 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8400070	Equity Shares	Rs.10/- each	Rs.84.001 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	84.000	84.000	84.000
(b) Reserves & Surplus	(103.500)	40.300	71.200
(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)	(19.500)	124.300	155.200
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.600	0.000	0.000
(c) Other long term liabilities	0.000	0.000	4.500
(d) long-term provisions	15.900	10.500	17.100
Total Non-current Liabilities (3)	16.500	10.500	21.600
(4) Current Liabilities
(a) Short term borrowings	306.100	363.000	139.900
(b) Trade payables	245.000	184.600	539.900
(c) Other current liabilities	123.100	181.600	167.100
(d) Short-term provisions	3.100	2.100	5.600
Total Current Liabilities (4)	677.300	731.300	852.500
TOTAL	674.300	866.100	1,029.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.600	36.100	39.300
(ii) Intangible Assets	0.600	1.600	1.500
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	19.500
(d) Long-term Loan and Advances	12.700	22.400	32.100
(e) Other Non-current assets	37.000	87.100	0.200
Total Non-Current Assets	62.900	147.200	92.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.400	107.800	135.800
(c) Trade receivables	221.200	266.300	410.900
(d) Cash and cash equivalents	33.100	0.100	0.500
(e) Short-term loans and advances	135.200	126.300	117.100
(f) Other current assets	146.500	218.400	272.400
Total Current Assets	611.400	718.900	936.700
TOTAL	674.300	866.100	1,029.300

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		632.100	882.200	1,207.300
		Other Income		13.000	38.900	32.900
		TOTAL (A)		645.100	921.100	1,240.200
Less	EXPENSES
		Cost of Materials Consumed		439.500	574.300	875.800
		Purchase of Stock-in-trade		66.800	72.600	80.500
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		13.300	(7.900)	11.400
		Employee Benefits Expenses		21.700	27.600	25.700
		Other Expenses		216.300	231.300	254.000
		TOTAL (B)		757.600	897.900	1,247.400
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(112.500)	23.200	(7.200)
Less	FINANCIAL EXPENSES (D)			25.900	30.200	13.400
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(138.400)	(7.000)	(20.600)
Less	DEPRECIATION/ AMORTISATION (F)			4.300	4.400	3.600
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(142.700)	(11.400)	(24.200)
Less	TAX (H)			1.100	19.500	(7.200)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(143.800)	(30.900)	(17.000)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1.200	2.700	0.000
	TOTAL EARNINGS			1.200	2.700	0.000
	Earnings / (Loss) Per Share (Rs.)			(17.12)	(3.68)	(2.02)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(22.75)	(3.50)	(1.41)
Operating Profit Margin (PBIDT/Sales)	(%)	(17.80)	2.63	(0.60)
Return on Total Assets (PBT/Total Assets}	(%)	(21.16)	(1.32)	(2.40)
Return on Investment (ROI) (PBT/Networth)		7.32	(0.09)	(0.16)
Debt Equity Ratio (Total Debt /Networth)		(15.70)	2.92	0.90
Current Ratio (Current Asset/Current Liability)		0.90	0.98	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	84.000	84.000	84.000
Reserves & Surplus	71.200	40.300	(103.500)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	155.200	124.300	(19.500)
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	139.900	363.000	306.100
Total borrowings	139.900	363.000	306.100
Debt/Equity ratio	0.901	2.920	(15.697)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,207.300	882.200	632.100
		(26.928)	(28.350)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,207.300	882.200	632.100
Profit	(17.000)	(30.900)	(143.800)
	(1.41%)	(3.50%)	(22.75%)

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Working capital loans from banks	261.500	260.000
Loans repayable on demand from banks	44.600	18.000
Loans repayable on demand from others	0.000	85.000
Total	306.100	363.000

GENERAL INFORMATION

The Company is engaged in the business of project execution i.e. supply/erection of Refrigeration plants & manufacturing of Air-conditioning chillers. The company is also involved in trading of spares & services required for all such Refrigeration plants. The Company has changed its name from York India Limited to Johnson Controls Marine and Refrigeration India Limited with effect from October 11, 2012.

FINANCIAL POSITION AND OPERATIONS

During the year there was decline in the revenue of the Company from Rs. 882.200 Millions to Rs.632.100 Millions. The Company’s net loss after taxation amounted to Rs.143.800 Millions as compared to the loss of Rs.30.900 Millions for the corresponding year 2012-2013 which can mainly be attributed to reduction in orders received during the year under consideration as compared to the order received during the corresponding year 2012-13. The Margin of the year under consideration impacted by under absorption of factory overhead and higher cost in execution of projects and due to reduction in the other income from Rs.38.900 Millions to Rs.13.000/- Millions on account of non-receipt of commission income.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.45
UK Pound	1	Rs.95.99
Euro	1	Rs.75.28

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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	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		14

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.