MIRA INFORM REPORT

Report No. :	305180
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	JOHN DEERE INDIA PRIVATE LIMITED
Registered Office :	Tower XIV, Cybercity, Magarpatta City Hadapsar, Pune – 411 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.12.1997
Com. Reg. No.:	11-112441
Capital Investment / Paid-up Capital :	Rs. 2783.574 Millions
CIN No.: [Company Identification No.]	U74220PN1997PTC112441
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ00773D
PAN No.: [Permanent Account No.]	AAACJ4233B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is mainly engaged in the manufacturing and marketing of tractor and related products (agriculture products) and providing IT and IT enabled services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 63000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “JOHN DEERE ASIA (SINGAPORE) PTE LIMITED”. It is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – 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

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 31-03-2014.

INFORMATION PARTED DECLINED

MANAGEMENT NON CORPORATIVE (91-20-66425013)

LOCATIONS

Registered Office / Technology Center :	Tower XIV, Cybercity, Magarpatta City Hadapsar, Pune – 411 013, Maharashtra, India
Tel. No.:	91-20-66425013/ 66425000/ 67264510
Mobile No.:	91-9687631126 (Mr. Ram Krishna)
Fax No.:	91-20-66425001
E-Mail :	thitesudhir@johndeere.com sameer@johndeere.com higarkargaurav@johndeere.com jainajit@johndeere.com
Website :	www.johndeere.com www.deere.com
Factory 1 :	Off Pune Nagar Road, Sanaswadi, Pune - 412208, Maharashtra, India
Tel. No. :	91-2137-667111
Factory 2 :	Survey No. 501, Near Dewas-Bhopal Highway, Village-Khatamba, Post-Jamgod, District-Dewas – 455115, Madhya Pradesh, India
Factory 3 :	Sanghar Warehousing, Gat 26/1 and 27, Nagar Road, Lonikand, Pune – 412216, Maharashtra, India
Factory 4 :	Village-Amampur, Chalaila Road, District-Patiala-147001, Punjab, India

DIRECTORS

As on 06.06.2014

Name :

Mr. Rajesh Kumar Sinha

Designation :

Director

Address :

Y-602, Sacred Heart Town, Waneworie, Pune-411040, Maharashtra, India

Date of Birth/Age :

16.07.1969

Date of Appointment :

04.05.2013

Din No.:

06448595

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	Company/ LLP Status	Defaulting status
1	U74220PN1997PTC112441	JOHN DEERE INDIA PRIVATE LIMITED	Director	04/05/2013	17/11/2012	Active	NO

Name :

Mr. Satish Bhimarao Nadiger

Designation :

Managing Director

Address :

No.601, Building A3, Aditya Shagun, NDA, Pashan Road, Bavadhan, Pune – 411 021, Maharashtra, India

Date of Birth/Age :

13.01.1963

Date of Appointment :

30.08.2012

Din No.:

00633892

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	U29210PN1998PTC130449	JOHN DEERE EQUIPMENT PRIVATE LIMITED	Director	30/08/2008	31/07/2006	-	Amalgamated	NO
2	U74220PN1997PTC112441	JOHN DEERE INDIA PRIVATE LIMITED	Managing director	30/08/2012	01/04/2010	-	Active	NO
3	U65923PN2011PTC141149	JOHN DEERE FINANCIAL INDIA PRIVATE LIMITED	Director	21/10/2011	21/10/2011	28/06/2012	Active	NO

Name :

Mr. Ravi Achyutha Menon

Designation :

Director

Address :

606, Cosmos Building R, Magar, Patta City, Hadapsar, Pune – 411 028, Maharashtra, India

Date of Birth/Age :

15.07.1961

Date of Appointment :

13.07.2012

Din No.:

05344407

Name :

Mr. Ravi Chudamani Guttal

Designation :

Director

Address :

5021, Black Hawk Tran CT, Bettendore IA 411028, USA

Date of Birth/Age :

07.06.1967

Date of Appointment :

04.05.2013

Din No.:

06453125

Name :

Mr. Ritu Raj

Designation :

Director

Address :

A-702, Water Front, Kalyani Nagar, Pune – 411006, Maharashtra, India

Date of Birth/Age :

16.03.1971

Date of Appointment :

06.06.2014

Din No.:

06762617

KEY EXECUTIVES

Name :	Mr. Ajit Prakash Jain
Designation :	Secretary
Address :	Flat No.602, Building D/1, Bramha Suncity, Vadgaon Sheri, Pune – 411 014, Maharashtra, India
Date of Birth/Age :	13.07.1974
Date of Appointment :	02.06.2012
Pan No.:	ABMPJ8624L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.06.2014

Names of Shareholders	No. of Shares
John Deere Asia (Singapore) Private Limited, Singapore	278357343
Deere and Company, US	10
Total	278357353

As on 06.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companies(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 :

Subject is mainly engaged in the manufacturing and marketing of tractor and related products (agriculture products) and providing IT and IT enabled services.

Products :

Item Code No. (ITC Code)	Product Description
9961	Agricultural Products
99611860	Tractors

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Not Divulged

Countries :

• USA
• Latin America
• Africa
• Turkey
• Europe
• Mexico
• South East Asia

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 :

Not Divulged

Bankers :

• Industrial Investment Bank of India Limited, 19, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India
• State Bank of India, S.B. Road Branch, Pune, Maharashtra, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Beasant Road, Opposite Shivsagar Industrial Estate, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN No:	ASDFG1234H
Memberships :	--
Collaborators :	--
Holding Company :	John Deere Asia Singapore Private Limited, Singapore
Ultimate Holding Company :	Deere and Company
Fellow Subsidiaries :	John Deere Werke Mannheim John Deere Water Limited John Deere (China) Incestment Company John Deere (Jiamusi) Agricultural Industrias John Deere S.A. de C.V. John Deere Israel John Deere Asia (Singapore) Pte Limited John Deere (Pty) Limited JD Worldwide C and F John Deere Canada, ULC John Deere Makinalari Limited, Sirketi John Deere International GmbH John Deere Polska Sp. Z O. O.
Subsidiaries :	John Deere Financial India Private Limited Deere Credit Services, Inc. John Deere Canada Elk John Deere (China) Investment Company, John Deere Brasil Limited John Deere S.A.S. John Deere, Unite De Orleans-Saran John Deere Iberica, S.A. Madrid John Deere (Tianjin) Product Research John Deere (Tianjin) Company, Limited John Deere Brasil Ltda. John Deere Enschede B.V. Maschinenfabrik Kemper John Deere(Ningbo) Motores John Deere, S.A. De C.V. Phoenix International Industrias John Deere S.A. Decv John Deere shared services Inc. John Deere Thibodaux, Inc. John Deere Fabriek Horst Bv John Deere (Jiamusi) Agricultural Deere Power Systems Group John Deere (Pty.) Limited John Deere Limited (England) John Deere Ibérica, S.A. John Deere Italiana S.R.L. John Deere Tiantuo Company Limited John Deere Limited Australia

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
653641000	Equity Shares	Rs.10/- each	Rs.6536.410 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
278357353	Equity Shares	Rs.10/- each	Rs. 2783.574 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	2783.570	3448.570	3448.570
(b) Reserves & Surplus	13039.800	14468.370	12562.040
(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)	15823.370	17916.940	16010.610
(3) Non-Current Liabilities
(a) long-term borrowings	3900.980	3799.950	3559.150
(b) Deferred tax liabilities (Net)	0.000	0.000	6.630
(c) Other long term liabilities	245.950	223.940	259.090
(d) long-term provisions	2812.240	358.540	283.040
Total Non-current Liabilities (3)	6959.170	4382.430	4107.910
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	6796.820	6506.610	6624.860
(c) Other current liabilities	1157.780	788.670	601.600
(d) Short-term provisions	1406.370	1008.660	1113.120
Total Current Liabilities (4)	9360.970	8303.940	8339.580
TOTAL	32143.510	30603.310	28458.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7728.930	5720.740	4951.330
(ii) Intangible Assets	24.350	16.450	18.030
(iii) Capital work-in-progress	958.220	1157.980	529.130
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1900.000	400.000	20.000
(c) Deferred tax assets (net)	975.400	102.950	0.000
(d) Long-term Loan and Advances	2564.200	4746.670	409.260
(e) Other Non-current assets	671.140	343.850	460.170
Total Non-Current Assets	14822.240	12488.640	6387.920
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4543.450	4523.440	7313.010
(c) Trade receivables	5325.470	7861.800	7327.890
(d) Cash and cash equivalents	2273.860	4668.710	3952.520
(e) Short-term loans and advances	4662.130	692.460	3230.390
(f) Other current assets	516.360	368.260	246.370
Total Current Assets	17321.270	18114.670	22070.180
TOTAL	32143.510	30603.310	28458.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	53316.000	42132.000	39878.000
Less	EXPENSES
		TOTAL	48407.000	38380.000	35392.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4909.000	3752.000	4486.000
Less	FINANCIAL EXPENSES		232.000	298.000	18.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4677.000	3454.000	4468.000
Less/ Add	DEPRECIATION/ AMORTISATION		923.000	749.000	648.000
	PROFIT/ (LOSS) BEFORE TAX		3754.000	2705.000	3820.000
Less	TAX		1112.000	653.000	1132.000
	PROFIT/ (LOSS) AFTER TAX		2642.000	2052.000	2688.000
	PROFIT/ (LOSS) FROM DISCONTINUING OPERATIONS		(280.000)	(146.000)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9005.000	7098.000	4410.000
	APPROPRIATED FOR SHARE BUY BACK		(3577.000)	0.000	0.000
	BALANCE CARRIED TO THE B/S		7790.000	9005.000	7098.000
	Earnings / (Loss) Per Share (Rs.)		9.49	7.37	9.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.96	4.87	6.74
Net Profit Margin (PBT/Sales)	(%)	7.04	6.42	9.58
Return on Total Assets (PBT/Total Assets}	(%)	13.26	9.35	13.69
Return on Investment (ROI) (PBT/Networth)		0.24	0.15	0.24
Debt Equity Ratio (Total Debt/Networth)		0.25	0.21	0.22
Current Ratio (Current Asset/Current Liability)		1.85	2.18	2.65

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	3448.570	3448.570	2783.570
Reserves & Surplus	12562.040	14468.370	13039.800
Net worth	16010.610	17916.940	15823.370
long-term borrowings	3559.150	3799.950	3900.980
Short term borrowings	0.000	0.000	0.000
Total borrowings	3559.150	3799.950	3900.980
Debt/Equity ratio	0.222	0.212	0.247

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)
Total Income	39878.000	42132.000	53316.000
		5.652	26.545

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	39878.000	42132.000	53316.000
Profit	2688.000	2052.000	2642.000
	6.74%	4.87%	4.96%

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	No
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	Yes
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

NOTE: The registered office of the company has been shifted from JHN Deere Technology Centre, Cyber City, Magarpatta City, Hadapsar, Pune – 411 013, Maharashtra to present address w.e.f. 01.04.2010.

[Rs. in Millions]

Unsecured Loan	As on 31.03.2014	As on 31.03.2013
Long Term Borrowings
Term Loan From Other	3900.980	3799.950
TOTAL	3900.980	3799.950

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONS

Total domestic tractor industry sale was 634,153 numbers against 527,441 numbers of last financial year. The company recorded total sales of 51,035 numbers of tractors against 46,930 numbers of tractors sold during the previous year. In the domestic market, the company recorded a sale of 37,508 units against 29,801 units sold during the last Financial Year recording an increase of 25.9%. Domestic market share of the company was 5.9% in the current Financial Year compared to 5.7% during the previous Financial Year. The new Tractor factory in Dewas, Madhya Pradesh has started commercial production during the current financial year.

The Company recorded total sales of 104 numbers of grain harvester against 41 numbers of grain harvester sold during the previous year from its Sirhind Combine manufacturing facility.

During the year the Company continued its progress in providing IT and IT enabled services. The business has created substantial value to the parent company and is also the Net Positive Foreign Exchange earner in the year. The Product Engineering Centre (PEC) continued to provide Engineering Support. Your Company continued to provide the best-in-class quality products and innovative services to farmers, such as agricultural equipment, micro irrigation, after-sales service and installation, advisory services. Deere & Co has reached to a definitive agreement to sell its Water business worldwide which shall also include India water operations. The closing of the transaction is expected by end of May 2014.

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

· Office Equipment

· Computers

· Building

· Leasehold Improvements

· Motor Cars

· Plant and Machinery

Intangible Assets

· Software and Licenses

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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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 unfavorable 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.