MIRA INFORM REPORT

Report No. :	322258
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	RADIANT COMPLAST PRIVATE LIMITED
Registered Office :	15^th Floor, Eros Corporate Tower, Nehru Place, New Delhi – 110019
Tel. No.:	91-8094008992 (Mr. Jamshad Khan)
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.04.2008
Com. Reg. No.:	55-176551
Capital Investment / Paid-up Capital :	Rs.4.550 Million
CIN No.: [Company Identification No.]	U25209DL2008PTC176551
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of moulded engineering plastic components.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 70000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has not filed its latest financial with government department for FY2014. As per available financial of 2013, the company has reported a better increase in its sales turnover and profitability. It has wiped off its accumulated losses during FY2013. However, borrowings of the company seem to be huge which may acts as a threat to its liquidity position. Trade relations are fair. Business is active. Payment terms are slow but correct. In the view of aforesaid, subject can be considered for business dealings with some caution.

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. Jamshad Khan
Designation :	HR
Contact No.:	91-8094008992
Date :	14.05.2015

LOCATIONS

Registered Office :	15^th Floor, Eros Corporate Tower, Nehru Place, New Delhi – 110019
Tel. No.:	Not Available
Mobile No.:	91-8094008992 (Mr. Jamshad Khan)
Fax No.:	Not Available
E-Mail :	preeti2007bansal@gmail.com
Corporate Office :	Technopoliss IT Hub, 4^th Floor, C-56/A12, Sector 62, Noida, India
Plant :	F-591-592, Industrial Area, Phase-1, Bhiwadi, District – Alwar, Rajasthan – 301019, India

DIRECTORS

As on 27.09.2013

Name :

Sumita Jayee

Designation :

Director

Address :

B-106, Sector – 31, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

31.05.1963

Date of Appointment :

09.04.2008

DIN No.:

02027182

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	U25209DL2008PTC176551	RADIANT COMPLAST PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO
2	U15400DL2013PTC259633	FELICITE CHOCOLATES PRIVATE LIMITED	Director	28/10/2013	28/10/2013	-	Active	NO

Name :

Nalin Bahl

Designation :

Director

Address :

House No.1, Road No.41, Punjabi Bagh West, New Delhi – 110026, India

Date of Birth/Age :

30.01.1954

Date of Appointment :

09.04.2008

DIN No.:

00055730

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	U74899DL1988PTC032685	RADIANT POLYMERS PRIVATE LIMITED	Director	05/08/1988	05/08/1988	-	Active	NO
2	U25209DL2008PTC176551	RADIANT COMPLAST PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO

Name :

Mr. Nitin Bahl

Designation :

Director

Address :

House No.1, Road No.41, Punjabi Bagh West, New Delhi – 110026, India

Date of Birth/Age :

17.10.1980

Date of Appointment :

09.04.2008

DIN No.:

01121465

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	U74899DL1988PTC032685	RADIANT POLYMERS PRIVATE LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
2	U72300DL2007PTC168097	JASPER INFOTECH PRIVATE LIMTED	Director	12/09/2007	12/09/2007	16/09/2009	Active	NO
3	U25209DL2008PTC176551	RADIANT COMPLAST PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO
4	U74140DL2015PTC276555	SUVEER INVESTMENTS PRIVATE LIMITED	Director	11/02/2015	11/02/2015	-	Active	NO
5	U72200DL2015PTC277849	NITYANTA TECHNOLOGIES PRIVATE LIMITED	Director	12/03/2015	12/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jamshad Khan
Designation :	HR

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Radiant Polymers Private Limited, India	227500	50.00
Nitin Bahl	113750	25.00
Sumita Jayee	113750	25.00
Total	455000	100.00

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of moulded engineering plastic components.
Products :	Molded Engineering Plastic Components
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from Bank	1.785	0.621
Term Loan from HDFC	19.599	9.533
SHORT TERM BORROWING
Cash credit from bank	0.000	5.025
Other Loans and Advances	50.686	30.320
Total	72.070	45.499

Auditors :
Name :	S. Bahl and Company Chartered Accountants
Address :	17, Barakhamba Road, Vijaya Building (L.G. Floor 69-70), New Delhi – 110001, India
Tel. No. :	91-11-23321536
Fax No. :	91-11-23350662
E-mail :	info@sbahl.com
Website :	www.sbahl.com
PAN No.:	AAIFS7562B
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Radiant Polymers Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
455000	Equity Shares	Rs.10/- each	Rs.4.550 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.550	4.550	4.550
(b) Reserves & Surplus	10.499	-0.495	-5.528
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.525	8.125	8.125
Total Shareholders’ Funds (1) + (2)	25.574	12.180	7.147
(3) Non-Current Liabilities
(a) long-term borrowings	21.384	29.345	25.875
(b) Deferred tax liabilities (Net)	2.910	0.719	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.294	30.064	25.875
(4) Current Liabilities
(a) Short term borrowings	50.686	35.345	11.640
(b) Trade payables	53.305	26.580	12.940
(c) Other current liabilities	18.840	9.305	7.567
(d) Short-term provisions	4.634	1.107	0.243
Total Current Liabilities (4)	127.465	72.337	32.390
TOTAL	177.333	114.581	65.412
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.716	37.725	24.509
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.600	2.354
(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	1.090
(d) Long-term Loan and Advances	1.437	1.436	0.363
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	80.153	39.761	28.316
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.251	12.907	6.452
(c) Trade receivables	41.108	49.508	18.544
(d) Cash and cash equivalents	13.681	9.094	8.278
(e) Short-term loans and advances	22.140	3.030	3.260
(f) Other current assets	0.000	0.281	0.562
Total Current Assets	97.180	74.820	37.096
TOTAL	177.333	114.581	65.412

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL	268.584	127.758	68.128
Less	EXPENSES	244.762	114.627	62.549
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	23.822	13.131	5.579
Less/ Add	DEPRECIATION/ AMORTISATION	6.890	5.181	3.219
Less	PRIOR PERIOD EXPENSES	0.116	0.000	0.000
Less	PRELIMINARY/PRE-OPERATIVE EXPENSES WRITTEN OFF	0.000	0.000	0.281
	PROFIT/ (LOSS) BEFORE TAX	16.816	7.950	2.079
Less	TAX	5.822	2.918	1.484
	PROFIT/ (LOSS) AFTER TAX	10.994	5.032	0.595
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.497)	(5.529)	(6.124)
	Balance Carried to the B/S	10.497	(0.497)	(5.529)
	IMPORTS
	Purchase of Raw Material	2.142	0.961	0.000
	Purchase of Plant and Machinery	18.466	7.475	0.000
	Purchase of Consumables and Spares	0.270	0.457	0.000
	TOTAL IMPORTS	20.878	8.893	0.000
	Earnings / (Loss) Per Share (Rs.)	24.16	11.06	1.31

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	4.09	3.94	0.87
Return on Total Assets (PBT/Total Assets}	(%)	9.48	6.97	3.35
Return on Investment (ROI) (PBT/Networth)		0.66	0.65	0.29
Debt Equity Ratio (Total Debt /Networth)		2.82	5.31	5.25
Current Ratio (Current Asset/Current Liability)		0.76	1.03	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.550	4.550	4.550
Reserves & Surplus	(5.528)	(0.495)	10.499
Net worth	(0.978)	4.055	15.049
long-term borrowings	25.875	29.345	21.384
Short term borrowings	11.640	35.345	50.686
Total borrowings	37.515	64.690	72.070
Debt/Equity ratio	(38.359)	15.953	4.789

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	68.128	127.758	268.584
		87.526	110.229

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	68.128	127.758	268.584
Profit	0.595	5.032	10.994
	0.87%	3.94%	4.09%

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	Yes
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	No
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	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

OPERATIONS

During the current financial year turnover including other income of the company increased to Rs.268.585 Million as compared to the last year’s turnover i.e. Rs.127.758 Million. The company has earned an after tax profit of Rs.10.995 Million as against the previous year’s profit of Rs.5.032 Million. It is expected that the company’s profit will go further with its policies and business strategies to have high quality products with competitive cost so as to enable it, to strengthen its position in domestic and as well as in international market.

BACKGROUND

Subject is a Private Limited company and incorporated on April 9, 2008 under the provision of the Indian Companies Act, 1956. The company is mainly in the business of manufacturing of Moulded Engineering Plastics Components. The Accounts are for the year commencing from April 1, 2012 to March 31, 2013.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Related parties	0.000	19.191
Total	0.000	19.191

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10557692	26/03/2015	15,821,999.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	C48108351
2	10528499	27/10/2014	35,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER, MUMBAI - 400001, Maharashtra, INDIA	C31830953
3	10522889	22/09/2014	5,623,260.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	C23763212
4	10473973	21/01/2014	14,501,088.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	B94860681
5	10451990	25/09/2013	7,601,392.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	B86179595
6	10379061	03/10/2012	7,425,264.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	B59113332
7	10373502	24/08/2012	11,485,650.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	B56809841
8	10298182	25/03/2013 *	50,000,000.00	IFCI Factors Limited	9th Floor, IFCI Tower, 61, Nehru Place, New Delhi, Delhi - 110019, INDIA	B71334122
9	10297279	27/05/2011	3,405,000.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, INDIA	B16874729
10	10237174	20/08/2010	5,056,360.00	ELECTRONICA FINANCE LIMITED	128/A, Plot No.3,Kailashchandra Apartments, Paud  Road, Kothrud, Pune - 411038, Maharashtra, INDIA	A93301992

* Date of charge modification

FIXED ASSETS

• Factory Building Improvement
• Plant and Machinery
• Furniture and Fixtures
• Moulds and Dies
• Computer
• Vehicles

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 records 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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SUM
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.