MIRA INFORM REPORT

Report No. :	312260.2
Report Date :	20.03.2015

IDENTIFICATION DETAILS

Name :	WAL-MART INDIA PRIVATE LIMITED (w.e.f. 22.01.2014)
Formerly Known As :	BHARTI WAL-MART PRIVATE LIMITED
Registered Office :	E-20, 1^st and 2^nd Floor, Hauz Khas Main Market, New Delhi – 110016
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	17.08.2007
Com. Reg. No.:	55-167118
Capital Investment / Paid-up Capital :	Rs.3592.727 Million
CIN No.: [Company Identification No.]	U51909DL2007PTC167118
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELB09826F
PAN No.: [Permanent Account No.]	AADCB2110L
Legal Form :	Private Limited Liability Company
Line of Business :	Chain of Departmental Store.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “WAL-MART STORES INC”. It is a world’s leading retailer renowned for its efficiency and expertise in logistics, supply chain management and sourcing. It is an established and reputed company having satisfactory track record. As per available financial of 2012, the company has incurred huge accumulated losses which has eroded net worth of the company. However, the rating takes into consideration strong financial and managerial support that company receives from its parent company backed by its well established brand name in retail store segment and well diversified as well as strong market networth around globe. Trade relations are fair. Business is active. In view of strong holding company support, the company can be considered for business dealings at usual trade terms and conditions. Note: As per registrar of companies the date of balance sheet (i.e. financial file) is shown as 31.12.2013 but the document related to the financial for the 2013 are not available from any source.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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.

INFORMATION DENIED BY

Name :	Mr. Krishnan
Designation :	Sales Head
Contact No.:	91-8800711147
Date :	18.03.2015

LOCATIONS

Registered Office :	E-20, 1^st and 2^nd Floor, Hauz Khas Main Market, New Delhi – 110016, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gurdeep.kaur@bharti.wal-mart.com urvashi.sahai@wal-mart.com
Corporate Office :	4^th Floor, Orchid Center Sector-53, Golf Course Road, Opposite Sun City Gurgaon – 122022, Haryana, India
Tel. No.:	91-124-4568500
Branch Office :	Survey No.37 and 38, Kacharakanahalli, Village Jadigenahalli Hobli Hoskote Taluk Bangalore – 560034, Karnataka, India

DIRECTORS

As on 28.06.2014

Name :

Mr. Krishnamurthy Narayanan Iyer

Designation :

Director

Address :

Flat 601, 6th Floor, Raheja Sunkist, Mount Mary Road, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Appointment :

28.06.2014

DIN No.:

01726564

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	U65990MH1995PTC095328	WINDSOR FINVEST PRIVATE LIMITED	Director	12/02/2002	12/02/2002	15/03/2010	Active	NO
2	U45400MH2009PTC196785	VVK PROPERTIES PRIVATE LIMITED	Director	30/10/2009	30/10/2009	-	Active	NO
3	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	28/06/2014	28/12/2013	-	Active	NO

Name :

Mr. Ashwin Mittal

Designation :

Director

Address :

152, Golf Links, New Delhi - 110003, India

Date of Appointment :

28.06.2014

DIN No.:

01934102

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	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	28/06/2013	30/11/2012	31/12/2013	Active	NO
2	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	28/06/2014	20/03/2014	-	Active	NO

Name :

Mr. Jill Elizabeth Anderson

Designation :

Director

Address :

Apartment 808, The Aralias, DLF Golf Course Road, Gurgaon - 122002, Haryana, India

Date of Appointment :

28.06.2014

DIN No.:

06770531

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	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	28/06/2014	28/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Goswami
Designation :	Secretary
Address :	F-1, II-A.20, Sector-2, Block-A, Vaishali, Ghaziabad - 201010, Uttar Pradesh, India
Date of Appointment :	08.10.2014
PAN No.:	AKLPG2799R
Name :	Mr. Krishnan
Designation :	Sales Head

MAJOR SHAREHOLDERS

As on 28.06.2014

Names of Shareholders	No. of Shares
Wal-Mart Mauritius (1) Holdings Company Limited, Mauritius	413089374
Wal-Mart Mauritius (2) Holdings Company Limited, Mauritius	515
Wal-Mart Investment Cooperative, Netherlands	1193555046
Total	1606644935

Equity Share Break up (Percentage of Total Equity)

As on 28.06.2014

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 :	Chain of Departmental Store.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT APPLICABLE

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Information denied by management

Bankers :

• JP Morgan Chase Bank N.A., J. P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India
• Citi Bank
• Standard Chartered Bank
• The Hong Kong and Shanghai Banking Corporation Limited
• Deutsche Bank AG

Facilities :

SECURED LOANS	31.12.2012 Rs. In Million	31.12.2011 Rs. In Million
LONG TERM BORROWINGS
Term Loans from Banks	15840.000	10150.000
SHORT TERM BORROWINGS
Other Loans and Advances	1250.575	893.456
Total	17090.575	11043.456

Auditors :
Name :	S.R Batliboi and Company Chartered Accountants
Address :	Golf View, Corporate Tower, Bsector-42, Sector Road, Gurgaon, Haryana, India
PAN No.:	AALFS0506L
Memberships :	--
Collaborators :	--
Joint Venture (As on 31.12.2012) :	Bharti Ventures Limited Cedar Support Services Limited Wal-Mart Mauritius (1) Holdings Company Limited Wal-Mart Mauritius (2) Holdings Company Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (As on 31.12.2012):	Bharti Retail Limited Bharti Airtel Limited Bharti Airtel Services Limited Field Fresh Foods Private Limited Beetel Teletech Limited Centum Learning Limited Bharti Axa General Insurance Company Limited Bharti Enterprises Limited Bharti Enterprises (Holding) Private Limited Bharti Foundation
Others (As on 31.12.2012) :	Wal-Mart Stores Inc. WM India Technical and Consultancy Services Private Limited

CAPITAL STRUCTURE

As on 28.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Rs.10/- each	Rs.30000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1606644935	Equity Shares	Rs.10/- each	Rs.16066.449 Million

As on 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs.5000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
359272724	Equity Shares	Rs.10/- each	Rs.3592.727 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3,592.727	2,001.001
(b) Reserves & Surplus	(11,377.028)	(7,653.807)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(7,784.301)	(5,652.806)
(3) Non-Current Liabilities
(a) long-term borrowings	15,840.000	10,150.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	216.277	126.274
(d) long-term provisions	98.336	64.508
Total Non-current Liabilities (3)	16,154.613	10,340.782
(4) Current Liabilities
(a) Short term borrowings	2,043.978	893.456
(b) Trade payables	1,997.910	1,981.480
(c) Other current liabilities	1,669.814	737.615
(d) Short-term provisions	101.267	64.263
Total Current Liabilities (4)	5,812.969	3,676.814
TOTAL	14,183.281	8,364.790
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3,269.157	2,041.949
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1,050.831	262.940
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	749.913	646.819
(e) Other Non-current assets	69.138	51.090
Total Non-Current Assets	5,139.039	3,002.798
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3,710.087	2,044.897
(c) Trade receivables	5,990.542	3,106.444
(d) Cash and cash equivalents	104.399	64.309
(e) Short-term loans and advances	232.464	141.639
(f) Other current assets	6.750	4.703
Total Current Assets	10,044.242	5,361.992
TOTAL	15,183.281	8,364.790

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		801.001
2] Share Application Money		0.000
3] Reserves & Surplus		(4874.637)
4] (Accumulated Losses)		0.000
NETWORTH		(4073.636)
LOAN FUNDS
1] Secured Loans		4420.000
2] Unsecured Loans		0.000
TOTAL BORROWING		4420.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		346.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		709.345
Capital work-in-progress		135.702
INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	626.863
	Sundry Debtors	23.222
	Cash & Bank Balances	43.682
	Other Current Assets	0.398
	Loans & Advances	361.199
Total Current Assets		1055.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	1484.520
	Provisions	69.537
Total Current Liabilities		1554.057
Net Current Assets		(498.693)
MISCELLANEOUS EXPENSES		0.000
TOTAL		346.364

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.12.2012	31.12.2011	31.12.2010
	SALES
		Income
		Other Income
		TOTAL		33,818.300	18,764.330	7,711.339
Less	EXPENSES			37,541.521	21,543.549	9,390.357
	PROFIT/(LOSS) BEFORE TAX			(3,723.221)	(2,779.219)	(1,679.018)
Less	TAX			0.000	(0.049)	0.000
	PROFIT/(LOSS) AFTER TAX			(3,723.221)	(2,779.170)	(1,679.018)
	IMPORTS
			Capital Goods	283.086	341.940	105.520
			Traded Goods	125.591	60.712	2.833
	TOTAL IMPORTS			408.677	402.652	108.353
	Earnings / (Loss) Per Share (Rs.)			(9.01)	NA	NA

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
Return on Total Assets (PBT/Total Assets}	(%)	(26.35)	(34.30)	(95.14)
Return on Investment (ROI) (PBT/Networth)		0.48	0.49	0.41
Debt Equity Ratio (Total Debt /Networth)		(2.30)	(1.95)	(1.09)
Current Ratio (Current Asset/Current Liability)		1.73	1.46	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2010	31.12.2011	31.12.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	801.001	2001.001	3592.727
Reserves & Surplus	(4874.637)	(7653.807)	(11377.028)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(4073.636)	(5652.806)	(7784.301)
Total borrowings	4420.000	11043.456	17883.978
Debt/Equity ratio	(1.085)	(1.954)	(2.297)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	7,711.339	18,764.330	33,818.300
		143.334	80.227

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	7,711.339	18,764.330	33,818.300
Profit	(1,679.018)	(2,779.170)	(3,723.221)
	(21.77%)	(14.81%)	(11.01%)

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	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	31.12.2012 Rs. In Million	31.12.2011 Rs. In Million
SHORT TERM BORROWINGS
Other Loans and Advances	793.403	0.000
Total	793.403	0.000

CORPORATE INFORMATION (AS ON 31.12.2012):

The Company is a private company domiciled in India and incorporated under the provisions of Companies Act, 1956 on August 17, 2007. It is a joint venture among Wal-Mart Mauritius (1) Holdings Company Limited, Wal-Mart Mauritius (2) Holdings Company Limited, Bharti Ventures Limited and Cedar Support Services Limited Private Limited for setting up wholesale cash-and-carry business in India.

PERFORMANCE (AS ON 31.12.2012):

During the financial year ended December 31, 2012, total income of the Company has increased by 80.23% from Rs.18764.330 Million to Rs.33818.300 Million and incurred a loss of Rs.3723.220 Million.

The directors are very optimistic and upbeat about the business outlook in the future. It is felt that our Cash and n Carry Wholesale Business which is a Business to Business trading has considerable scope for growth.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438243	10/06/2013	250,000,000.00	Citi Bank N.A.	124, Jeevan Bharti Building, Connaught Circus, New Delhi, Delhi - 110001, India	B80205149
2	10410590	18/02/2013	250,000,000.00	BNP Paribas	8th Floor, Sood Towers,, 25 Barakhamba Road,, New Delhi, Delhi - 110001, India	B70358932
3	10370184	18/06/2012	1,250,000,000.00	Bank Of America N.A.	Corporate Credit Risk, 1st Floor, DLF Centre, Sansad Marg, New Delhi, Delhi - 110001, India	B45559523
4	10148529	01/11/2012 *	2,560,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	Birla Towers, 25, Barakhamba Road, New Delhi, Delhi - 110001, India	B64113947
5	10148109	29/04/2010 *	600,000,000.00	Standard Chartered Bank	Credit Risk Control, Narain Manzil, 23 Barakhamba  Road, New Delhi, Delhi - 110001, India	A84656255

*Date of modification Charges

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 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.62.42
UK Pound	1	Rs.92.99
Euro	1	Rs.67.29

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.