MIRA INFORM REPORT

Report No. :	322645
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	BDG METAL AND POWER LIMITED
Registered Office :	HMP House 4, Fairly Place 5^th Floor, Kolkata-700001, West Bengal
Tel. No.:	91-33-40059029/40059000
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.03.1999
Com. Reg. No.:	21-088908
Capital Investment / Paid-up Capital :	Rs. 71.766 Million
CIN No.: [Company Identification No.]	U51109WB1999PLC088908
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter, Supplier and Manufacturer of Tmt bars, Ms Angels, Channels, Silica Manganese, Non Alloy Billet, Light Structural Steel, and Fabricated.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track. The company has reported a better increase in its profit margin during FY2014. As per available balance sheet of 2013, the company has fair liquidity marked by favorable gap between trade payable and receivables. General financial position of the company is satisfactory. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. In the view of experienced promoters, subject can be considered for 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL Rating
Rating	Long Term Rating “ BBB”
Rating Explanation	Moderate Degree of default and Carry Moderate Credit Risk
Date	May 13, 2015

Rating Agency Name	CRISIL Rating
Rating	Short Term Rating “A3+”
Rating Explanation	Moderate Degree of default and Higher Credit Risk
Date	May 13, 2015

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. Ritesh Gupta
Designation :	Purchase Manager
Contact No.:	91-9836355551
Date :	14.05.2015

LOCATIONS

Registered Office :	HMP House 4, Fairly Place 5^th Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-40059029/40059000
Mobile No.:	91-9830644775 (Mr. Binay Todi)
Fax No.:	91-33-40059091/40059095
E-Mail :	bdgoyal.info@gmail.com
Website :
Factory :	Plasto Steel Park, Kadasole, Bankura, Barjora-722202, West Bangal, India

DIRECTORS

As on 30.09.2013

Name :

Mr.Alok Goyal

Designation :

Whole Time Director

Address :

5, Camac Street, 6th Floor, Kolkata-700017, West Bengal, India

Date of Birth/Age :

05.10.1974

Date of Appointment :

01.07.2010

DIN No.:

00615582

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	U36900WB2001PLC093062	ESSEL KITCHENWARE LIMITED	Director	29/03/2001	29/03/2001	01/06/2012	Active	NO
2	U51109WB1999PLC088908	BDG METAL & POWER LIMITED	Whole-time director	01/07/2010	01/09/2004	-	Active	NO
3	U27102WB2004PTC100774	FERROTECH MINERALS & METALS PRIVATE LIMITED	Director	23/03/2005	23/03/2005	-	Amalgamated	NO
4	U27109WB2004PTC099585	BANKURA PROJECT PRIVATE LIMITED	Director	12/03/2009	12/03/2009	-	Active	NO
5	U74990WB2009PTC138595	NEO ESSEL DISPOWARE PRIVATE LIMITED	Director	24/09/2009	24/09/2009	-	Active	NO
6	U70109WB2012PTC175504	DANKUNI COMMERCIAL COMPLEX PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
7	U70109WB2012PTC175505	DANKUNI REALTORS PRIVATE LIMITED	Director	12/03/2012	12/03/2012	16/08/2012	Active	NO
8	U70109WB2012PTC175506	BDG REALTORS PRIVATE LIMITED	Director	12/03/2012	12/03/2012	16/08/2012	Active	NO
9	U25203WB2014PTC200473	BDG POLYPLAST INDIA PRIVATE LIMITED	Director	25/02/2014	25/02/2014	-	Active	NO

Name :

Mr..Chanchal Kumar Sanyal

Designation :

Director

Address :

P-72, Nivedita Park, Brahmapur, Kolkata-700096, West Bengal, India

Date of Birth/Age :

19.12.1957

Date of Appointment :

30.04.2012

Voter ID No.:

LMW1485440

DIN No.:

05279716

Name :

Mr. Dilip Kumar Choraria

Designation :

Whole Time Director

Address :

Tulsi Manjari Apartment, 4th Floor, 293/1, Dum Dum Road, Kolkata-700074, West Bengal, India

Date of Birth/Age :

01.01.1956

Date of Appointment :

15.07.2010

DIN No.:

02991826

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	U51109WB1999PLC088908	BDG METAL & POWER LIMITED	Whole-time director	15/07/2010	15/07/2010	-	Active	NO
2	U36900WB2001PLC093062	ESSEL KITCHENWARE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO

Name :

Mr. Jai Prakash Bhatt

Designation :

Secretary

Address :

Tower B-1, 5th Floor, Unit 3&4, 98 Christopher Road, Kolkata-700046, West Bengal, India

Date of Birth/Age :

05.04.1950

Date of Appointment :

15.03.2011

Name :

Mr. Somnath BHATTACHARYYA

Designation :

Whole Time Director

Address :

18D, Braun Feld Row, Kolkata-700027, West Bengal, India

Date of Birth/Age :

07.07.1956

Date of Appointment :

06.08.2014

DIN No.:

03597010

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	U27209WB1988PLC045252	B.D.CASTINGS LTD	Whole-time director	01/08/2011	01/08/2011	31/07/2014	Active	NO
2	U51109WB1999PLC088908	BDG METAL & POWER LIMITED	Whole-time director	06/08/2014	06/08/2014	-	Active	NO

Name :

Mr. Suresh Chand Goyal

Designation :

Director

Address :

9, Pretoria Street, Kolkata-700071, West Bengal, India

Date of Birth/Age :

06.01.1957

Date of Appointment :

05.03.1999

DIN No.:

00618979

KEY EXECUTIVES

Name :	Mr. Ritesh Gupta
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

(Shareholding Details File Attached)

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	96.26
Directors or relatives of Directors	3.74
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter, Supplier and Manufacturer of Tmt bars, Ms Angels, Channels, Silica Manganese, Non Alloy Billet, Light Structural Steel, and Fabricated.
Products :	South African Coal Copper Ore Iron Ore Finished Goods Stock Saw Dust Briquette Agro Waste Blomass 90 mm Briquette Biomass Pellet Biomass Wood Pellets White Coal Natural Straw Pellets Hard Coke Metallurgical Coke
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
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 :

Bank Name	Indian Bank
Branch	Strand Road, 3A, Hare Street, Kolkata-700001, West Bengal, 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 :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Terms Loan
Borrowing	505.562	669.113
Short-term borrowings
Working Capital Loan From Banks
Borrowing	511.888	527.559
Other Loans and Advances
Borrowing	208.275	85.248
Total	1225.725	1281.920

Auditors :
Name :	S Dhar and Associates Chartered Accountants
Address :	9/7, Fern Road, Ballygunge, Kolkata-700019, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADUPD2514M
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs.10/- each	Rs.80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,676,595	Equity Shares	Rs.10/- each	Rs. 66.765 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	59.266	58.046	52.921
(b) Reserves & Surplus	590.669	550.588	491.157
(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)	649.935	608.634	544.078
(3) Non-Current Liabilities
(a) long-term borrowings	505.562	669.113	802.601
(b) Deferred tax liabilities (Net)	0.000	0.862	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)	505.562	669.975	802.601
(4) Current Liabilities
(a) Short term borrowings	720.163	612.807	219.014
(b) Trade payables	495.453	595.791	163.543
(c) Other current liabilities	327.922	208.814	558.443
(d) Short-term provisions	12.841	6.825	2.953
Total Current Liabilities (4)	1556.379	1424.237	943.953
STOTAL	2711.876	2702.846	2290.632
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1029.736	1157.183	603.379
(ii) Intangible Assets	0.000	0.000	4.981
(iii) Capital work-in-progress	28.417	0.000	615.451
(iv) Intangible assets under development	7.341	5.910	0.000
(b) Non-current Investments	19.333	19.238	19.271
(c) Deferred tax assets (net)	4.189	0.000	1.460
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1089.016	1182.331	1244.542
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	485.431	650.598	483.892
(c) Trade receivables	679.656	346.218	162.795
(d) Cash and cash equivalents	101.553	162.179	136.999
(e) Short-term loans and advances	356.220	361.520	262.404
(f) Other current assets	0.000
Total Current Assets	1622.860	1520.515	1046.090
TOTAL	2711.876	2702.846	2290.632

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	6328.905	4825.128	2770.726
		Other Income	0.060	1.293	0.680
		TOTAL	6328.965	4826.421	2771.406
Less	EXPENSES
		Cost of Materials Consumed	2512.294	2168.066	1483.222
		Purchases of Stock-in-Trade	2394.062	1245.424	518.706
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	52.521	(12.083)	(161.128)
		Employees benefits expense	21.184	18.899	16.740
		Other expenses	1018.100	1056.629	741.318
		TOTAL	5998.161	4476.935	2598.858
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		330.804	349.486	172.548
Less	FINANCIAL EXPENSES		149.378	158.396	74.875
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		181.426	191.090	97.673
Less/ Add	DEPRECIATION/ AMORTISATION		151.362	171.551	86.977
	PROFIT/(LOSS) BEFORE TAX		30.064	19.539	10.696
Less	TAX		0.963	6.233	0.910
	PROFIT/(LOSS) AFTER TAX		29.101	13.306	9.786
	Earnings / (Loss) Per Share (Rs.)		4.91	2.29	1.85

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	505.562	669.113
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.46	0.28	0.35
Operating Profit Margin (PBIDT/Sales)	(%)	5.23	7.24	6.23
Return on Total Assets (PBT/Total Assets}	(%)	1.13	0.73	0.65
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.02
Debt Equity Ratio (Total Debt /Networth)		1.89	2.11	1.88
Current Ratio (Current Asset/Current Liability)		1.04	1.07	1.11

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	52.921	58.046	59.266
Reserves & Surplus	491.157	550.588	590.669
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	544.078	608.634	649.935
long-term borrowings	802.601	669.113	505.562
Short term borrowings	219.014	612.807	720.163
Total borrowings	1021.615	1281.920	1225.725
Debt/Equity ratio	1.878	2.106	1.886

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	2770.726	4825.128	6328.905
		74.147	31.166

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	2770.726	4825.128	6328.905
Profit	9.786	13.306	29.101
	0.35%	0.28%	0.46%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Litigation Details

Status of COMPANY PETITIONS (CP) 435 OF 2014

RE: C.P. ISPAT PVT LTD - AND- Vs. RE: BDG METAL ANDPOWER LTD

Pet’s Adv. : SANDERSONS AND MOGANS

Res’s Adv. :

Court No. : 23 last Listed On: Monday, May 04, 2015

Category : NO CATEGORY MENTIONED

CONNECTED APPLICATION (S) CONNECTED MATTER (S)

NO Connected Application. No Connected Vases.

Case Updated on: Thursday, April 30, 2015

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10334329	24/12/2011	2,527,200,000.00	INDIAN BANK	3A, Hare Street, Strand Road Branch, KOLKATA, Wes  t Bengal - 700001, INDIA	B31591118
2	80013916	28/03/2014 *	2,957,700,000.00	INDIAN BANK	STRAND ROAD, 3A, HARE STREET, KOLKATA, West Benga  l - 700001, INDIA	C01168483

FIXED ASSETS

• Land
• Building
• Factory Building
• Plant and Equipment
• Factory Equipment
• Other plant and Equipment
• Furniture and Fixture
• Vehicle
• Motor Vehicle
• Office Equipment
• Computer Equipment

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

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		44

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.