MIRA INFORM REPORT

Report No. :	320815
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	PPI PUMPS PRIVATE LIMITED

Registered Office :	4/2, Phase-1, GIDC State, Vatva, Ahmedabad-382445, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	18.11.1987

Com. Reg. No.:	04-010148

Capital Investment / Paid-up Capital :	Rs.1.000 Million

CIN No.: [Company Identification No.]	U29120GJ1987PTC010148

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMP00071B

PAN No.: [Permanent Account No.]	AABCP59949D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Vacuum Pumps

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 210000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual business 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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 BY (General Details)

Name :	Mr. Ashwin
Designation :	Technical Manager
Contact No.:	91-9377750175
Date :	05.05.2015

LOCATIONS

Registered Office :	4/2, Phase-1, GIDC State, Vatva, , Ahmedabad-382445 Gujarat, India
Tel. No.:	91-79-25835698
Mobile No.:	91-9377750175 ( Mr. Ashwin)
Fax No.:	91-79-25830578
E-Mail :	sales@prashant_ppi.com
Website :	http://www.prashant_ppi.com

Factory :	Plot No.14 & 16, Phase I, GIDC Estate, Vatva, Ahmedabad – 382 445, Gujarat, India

DIRECTORS

As on 26.09.2013

Name :

Shah Hemendra Prakash

Designation :

Director

Address :

22, Sweet Home Society, Ambawadi, Ahmedabad-380015, Gujarat India

Date of Birth/Age :

13.11.1944

Date of Appointment :

18.11.1987

DIN No.:

00170967

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	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	19/11/1986	19/11/1986	-	Active	NO
2	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Director	18/11/1987	18/11/1987	-	Active	NO
3	U24259GJ1988PTC010755	PRASHANT GAMATEX PVT LTD	Director	26/05/1988	26/05/1988	-	Active	NO
4	U29259GJ1993PTC020017	PRASHANT TEXMACH PVT LTD	Director	17/08/1993	17/08/1993	-	Active	NO
5	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
6	U29190GJ1998PTC033558	PRASAD GWK COOLTECH PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
7	U29261GJ2003PTC042539	PRASHANT ASKA TEXMACH PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
8	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
9	U29269GJ2005PTC046040	PRASHANT WEST POINT MACHINERY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
10	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
11	U29100GJ2009PTC058018	PRASHANT FERBER LOGISTICS AUTOMATION PRIVATE LIMITED	Director	05/09/2009	05/09/2009	-	Active	NO
12	U29269GJ2010PTC059567	PRASHANT BROMAS TEXTILE MACHINERY PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
13	U29262GJ2011PTC065641	PRASHANT ROSTONI MACHINERY PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
14	U29261GJ2011PTC066111	BHARAT BEAMS PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO
15	U29100GJ2014PTC079818	PRASAD PNEUCON SOLUTION PRIVATE LIMITED	Director	17/06/2014	17/06/2014	-	Active	NO

Name :

Shah Hemendra Bhavin

Designation :

Director

Address :

36, Sujan, Bunglows, NR. Shreyas School Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

27.09.1963

Date of Appointment :

18.11.1987

DIN No.:

00171205

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	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Managing director	18/11/1987	18/11/1987	-	Active	NO
2	U29224GJ1986PTC009170	PRASAD MACHINERY PRIVATE LIMITED	Director	15/11/1989	15/11/1989	-	Active	NO
3	U24259GJ1988PTC010755	PRASHANT GAMATEX PVT LTD	Director	30/04/1993	30/04/1993	-	Active	NO
4	U29259GJ1993PTC020017	PRASHANT TEXMACH PVT LTD	Director	17/08/1993	17/08/1993	-	Active	NO
5	U33301GJ1997PTC033151	PRASAD KOCH TECHNIK PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
6	U29190GJ1998PTC033558	PRASAD GWK COOLTECH PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
7	U29261GJ2003PTC042539	PRASHANT ASKA TEXMACH PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Strike off	NO
8	U25200GJ2005PTC045830	PRASAD WEMO ROBOT SYSTEMS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
9	U29269GJ2005PTC046040	PRASHANT WEST POINT MACHINERY PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
10	U29100GJ2008PTC055275	PRASAD CRILEC AUTOMATION PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
11	U29261GJ2011PTC066111	BHARAT BEAMS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	-	Active	NO
12	U29100GJ2009PTC058018	PRASHANT FERBER LOGISTICS AUTOMATION PRIVATE LIMITED	Additional director	16/01/2014	16/01/2014	-	Active	NO
13	U29100GJ2014PTC079818	PRASAD PNEUCON SOLUTION PRIVATE LIMITED	Director	17/06/2014	17/06/2014	-	Active	NO

Name :

Shah Bhavin Pritiben

Designation :

Director

Address :

12, Niyojan Nagar, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

24.02.1966

Date of Appointment :

29.05.1995

DIN No.:

00179806

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	U29120GJ1987PTC010148	P P I PUMPS PRIVATE LIMITED	Director	29/05/1995	29/05/1995	-	Active	NO
2	U29259GJ1993PTC020017	PRASHANT TEXMACH PVT LTD	Director	29/05/1995	29/05/1995	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashwin
Designation :	Technical Manager
Contact No.:	91-9377750175

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2013

Names of Shareholders	No. of Shares
Amoli Prakash Shah	5000
Dhruv Prakash Shah	10000
Pritiben Bhavin Shah	10000
Surekhaben Prakash Shah	5000
Prakash Hemendrabhai Shah	30000
Bhavin Hemendrabhai Shah	30000
Pujan Bhavin Shah	10000

Total	100000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Vacuum Pumps

Products :	Nash Pumps Nash Spares Vacuum System Sihi Vacuum Pumps Liquid Ring Compressors Twin Lobe Roots Blowers Medical Vacuum Pumps Central Vacuum Pumps Industrial Vacuum Pumps Two Stage Vacuum Pumps Water Ring Vacuum Pumps Liquid ring Vacuum Pumps Monoblock Vacuum Pumps Close Couple vacuum Pumps Conical Type Vacuum Pumps Vacuum Pumps For Chemical Plants Vacuum Pumps For Pharmaceutical Plants Vacuum Boosters for Material Handling Equipments.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Good
Countries :	America Thailand Malaysia China

Imports :	Not Divulged

Terms :
Selling :	Cash & Credit

Purchasing :	Cash & Credit

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 :

End Users

No. of Employees :

Not Divulged

Bankers :

Banker Name	HDFC Bank
Branch Address	HDFC Bank House Senapati Bapat Marge, Lower Parel (W), Mumbai-400013, 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 :

Not Available

Auditors :
Name :	Dinesh R. Shah and Co. Chartered Accountant
Address :	51, Madhuban, Nr. Madalpur Under Bridge, Ellisbridge, Ahmedabad-38006, Gujarat, India
PAN No.:	AAFFD0959G

Memberships :	--

Collaborators :	--

Enterprise over which key Management Personnel Exercise significant influence :	Prasad GWK Cooltech Private Limited Prasad Machinery Private Limited Prasad Crilec Automation Private limited Prasad Wemo Robot System Private Limited Prashant Gamatex Private Limited Prashant Engineering Company Prasad Koch Technik Private Limited Prashant Texmach Private Limited Prashant Westpoint Machinery Private Limited Prashant FerBer Automation Logistics Private Limited PPI Systems Prashant Rostoni Machinery Private Limited Bharat Beams Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2,00,000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,00,000	Equity Shares	Rs.10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.000	1.000	1.000
(b) Reserves & Surplus	75.746	52.681	44.569
(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)	76.746	53.681	45.569

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	17.881
(b) Deferred tax liabilities (Net)	0.000	0.001	0.025
(c) Other long term liabilities	1.152	0.751	0.758
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.152	0.752	18.664

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	50.356	45.681	49.491
(c) Other current liabilities	17.952	5.101	2.795
(d) Short-term provisions	15.385	9.239	14.026
Total Current Liabilities (4)	83.693	60.021	66.312

TOTAL	161.591	114.454	130.545

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.626	8.003	7.622
(ii) Intangible Assets	0.043	0.033	0.049
(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	0.010	6.010	0.010
(c) Deferred tax assets (net)	0.057	0.000	0.000
(d) Long-term Loan and Advances	6.921	4.312	3.627
(e) Other Non-current assets	6.693	3.944	3.003
Total Non-Current Assets	22.350	22.302	14.311

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.321	26.385	26.198
(c) Trade receivables	55.136	43.210	65.530
(d) Cash and cash equivalents	40.779	8.902	14.164
(e) Short-term loans and advances	20.095	13.027	10.063
(f) Other current assets	0.910	0.628	0.279
Total Current Assets	139.241	92.152	116.234

TOTAL	161.591	114.454	130.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	INCOME			209.092	204.009
		TOTAL		209.092	204.009

Less	EXPENSES
		TOTAL		NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION			NA	NA

	PROFIT/(LOSS) BEFORE TAX			NA	NA

Less	TAX			NA	NA

	PROFIT/(LOSS) AFTER TAX		24.325	9.274	8.203

Less	APPROPRIATIONS
		Transfer to General Reserve	(2.423)	(0.927)	(0.820)
		Dividend	(1.000)	(1.000)	(1.000)
		Tax on Dividend	(0.170)	(0.162)	(0.162)

	EARNINGS IN FOREIGN CURRENCY		NA	108.671	90.660

	Earnings / (Loss) Per Share (Rs.)		24.24	9.27	8.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.02	4.44	NA

Return on Total Assets (PBT/Total Assets}	(%)	156.29	192.81	NA

Return on Investment (ROI) (PBT/Networth)		4.48	3.90	NA

Debt Equity Ratio (Total Debt /Networth)		0.39	0.00	NA

Current Ratio (Current Asset/Current Liability)		1.75	1.54	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.000	1.000	1.000
Reserves & Surplus	44.569	52.681	75.746
Net worth	45.569	53.681	76.746

long-term borrowings	17.881	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	17.881	0.000	0.000
Debt/Equity ratio	0.392	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	204.009	209.920
		2.897

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	204.009	209.092
Profit	8.203	9.274
	4.02%	4.44%

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	Yes
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	No
12]	Profitability for last Two 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	NO
17]	Major suppliers	NO
18]	Major customers	NO
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

10342307

22/02/2012

10,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W
, MUMBAI, Maharashtra - 400013, INDIA

B35063361

* Date of charge modification

FIXED ASSETS

Land
Plant & Machinery
Furniture & Fixtures
Office Equipment
Computer
Building
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 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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	SAN

Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	NO	NO
--EPF	NO	NO
TOTAL		46

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.

MIRA INFORM REPORT

NA

NA

Unit