MIRA INFORM REPORT

Report Date :

05.07.2011

IDENTIFICATION DETAILS

Name :	ARDEX ENDURA (INDIA) PRIVATE LIMITED (w.e.f 10.01.2007)
Formerly Known As :	BAL BUILDING ADHESIVES (INDIA) PRIVATE LIMITED
Registered Office :	73/ 1B, Byregowda Industrial Estate, Srigandhanagar, Hegganahalli, Vishwaneedem, Post Peeny All Stage, Bangalore – 560 091, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.06.1997
Com. Reg. No.:	08-022383
Paid-Up Capital :	Rs. 130.000 Millions
CIN No.: [Company Identification No.]	U24233KA1997PTC022383
TAN No.: [Tax Deduction & Collection Account No.]	BLRB04011A
PAN No.: [Permanent Account No.]	AACB6072E
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of Adhesives, Grouts and Tile Care Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 780000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between Ardex Investments Mauritius Limited, Mauritius and Prism Cement Limited, India. It is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	73/ 1B, Byregowda Industrial Estate, Srigandhanagar, Hegganahalli, Vishwaneedem, Post Peeny All Stage, Bangalore - 560 091, Karnataka, India
Tel. No.:	91-80-28360266/ 28361672/28361673
Fax No.:	91-80-28362078
E-Mail :	mariyappa.ramachandra@ardexendura.com simm.mark@ardexendura.com krcs@balendura.com customercare@ardexendura.com
Website :	www.ardex.de www.ardex.co.uk www.balendura.com

DIRECTORS

As On 17.05.2010

Name :	Mr. Rajan Biharilal Raheja
Designation :	Director
Address :	Rahejhas, 87/1, G B Marg, Juhu, Mumbai-400009, Maharashtra, India
Date of Birth/Age :	19.06.1953
Date of Appointment :	24.03.2000
Date of Cessation :	27.04.2010
DIN No.:	00037480
Name :	Mr. Vijay Aggarwal
Designation :	Director
Address :	Storing Diamond, 4^th Floor, 24 Mount Mary Road, Bandra West, Mumbai-400050, Maharashtra, India
Date of Birth/Age :	08.07.1968
Date of Appointment :	14.09.1998
DIN No.:	00515412
Name :	Mr. G S Patnaik
Designation :	Director
Address :	A-74, Moker Kundan Garden, Juhu Tara Road, Santacruz (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	09.07.1960
Date of Appointment :	22.03.2005
DIN No.:	00535129
Name :	Mr. Aditya Bob Mahendru
Designation :	Director
Address :	93, Kherapati Colony, Gwaliaer -474002, Madhya Pradesh, India
Date of Birth/Age :	17.08.1978
Date of Appointment :	25.07.2007
DIN No.:	01624473
Name :	Mr. Mark John Simm
Designation :	Managing Director
Address :	Plot No, 92, Megnola Garden, 30^th K M Bangalore Mysore Highway, Syammangala Cross Bidadi Industrial Area, Bangalore-562109, Karnataka, India
Date of Birth/Age :	19.01.1953
Date of Appointment :	01.02.1998
DIN No.:	00497190
Name :	Mr. Gopinath Krishnan
Designation :	Dy. Managing Director and Finance Director
Address :	Flat 1001/2, Manasarovar, A Wing, Neelkanth Heights, Mumbai-400610. Maharashtra, India
Date of Birth/Age :	30.04.1965
Date of Appointment :	25.07.2007
DIN No.:	01543309
Name :	Mr. Dieter Axel Gundlach
Designation :	Director
Address :	Baumhofstr 37E, 44799 Bochum, Germany
Date of Birth/Age :	04.05.1948
Date of Appointment :	25.03.2002
DIN No.:	00497374
Name :	Mr. Karl Heinz Helmut Martin
Designation :	Director
Address :	Haarstr, 187 A, Bochum-44797, Germany
Date of Birth/Age :	25.12.1965
Date of Appointment :	14.11.2007
Date of Cessation :	10.11.2009
DIN No.:	01917671
Name :	Mr. Sudhir Gajanan Kale
Designation :	Alternate Director
Address :	B-105, Minal Chhaya Society, Near Nitin Castings Company Almeda Raod, Thane-400601, Maharashtra, India
Date of Birth/Age :	01.04.1967
Date of Appointment :	14.05.2008
Date of Cessation :	10.11.2009
DIN No.:	01445219
Name :	Manuel Frederik Wolfgang Baumann
Designation :	Alternate Director
Address :	401 Lavina Courts, 7^th Cross, 8^th Main, RMV Extension, Sadashivanagar, Bangalore – 560080, Karnataka, India
Date of Birth/Age :	23.01.1981
Date of Appointment :	19.05.2010
DIN No.:	03019440
Name :	Mark Charles Edgar Carpenter
Designation :	Director
Address :	9 Mellrose Drive Singapore 358506
Date of Birth/Age :	22.03.1963
Date of Appointment :	04.11.2010
DIN No.:	03281187
Name :	Felix Hermann Selinger
Designation :	Additional Director
Address :	Kunstwerkerstrasse, 183 Essen 45136
Date of Birth/Age :	20.12.1957
Date of Appointment :	10.11.2009
DIN No.:	02867416
Name :	Venugopal Madhavan Panicker
Designation :	Director
Address :	A801, Neel Sidhi Towers Sector 12, Plot 195, Vashi Navi, Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	15.07.1964
Date of Appointment :	27.04.2010
DIN No.:	02975912

KEY EXECUTIVES

Name :	Mr. Kurubar Mariyappa Ramchandra
Designation :	Secretary
Address :	No. 130, Ramchandra Nagar, Nandini Lay out, IV Block, Bangalore-560096, Karnataka, India
Date of Birth/Age :	24.06.1961
Date of Appointment :	05.01.1998
Pan No.:	AALPR6341N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 17.05.2010

Names of Shareholders	No. of Shares
Ardex Investments Mauritius Limited – Mauritius	6500000
Prism Cement Limited – India	6500000
Total	13000000

As On 17.05.2010

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter of Adhesives, Grouts and Tile Care Products.

Products :

Product Descriptions	ITC Code
Tile Fixing Cement Adhesives And Allied Products	3214.90

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity*	Actual Production
Tile Fixing Adhesives and Grouts, Flooring Products and Water Proofing Products	MT	38000	25787.96**

*Installed capacity is as certified by the management and relied upon by the auditors, being technical matter. Bangalore Plant – 18000 MT (Double Shift) & Savli Plant – 20000 MT (Single Shift)

**Including outsourced products. There is no Licensing requirement for company's products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ING Vysya Bank Limited, Chamber of Commerce Building, Kempegowda Road, Bangalore-560009, Karnataka, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Bank
Cash Credit	7.801	14.623
Term Loans	0.000	15.542
Vehicle Loan	2.194	2.766
Total	9.995	32.931
Note: 1. Secured by first charge on Inventory, Book Debts and Fixed Assets. 2. Secured by hypothecation of vehicles in favour of the bank.

Banking Relations :	--
Auditors :
Name :	N M Raiji and Company Chartered Accountant
Address :	6^th Floor, Universal Insurance Building, Pherozeshah Mehta Road, Fort, Mumbai – 400001, Maharashtra, India
Pan No.:	AAAFN4217G
Joint Ventures :	· Ardex Investments Mauritius Limited · Prism Cement Limited
Fellow Subsidiaries :	Ardex, Gmbh, Germany Ardex UK Limited Ardex Australia PTY Limited Ardex Singapore PTE Limited Ardex Middle East FZE Ardex (Shanghai) Co Limited, China Building Adhesives Limited, UK Ardex Newzealand Limited H and R Johnson (India) TBK Limited · Bal Endura Building Products Private Limited (CIN No.: U24305KA2007PTC042362)

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		130.000	130.000	110.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.308	5.449	0.000
4] (Accumulated Losses)		0.000	0.000	(6.053)
NETWORTH		197.308	135.449	103.947
LOAN FUNDS
1] Secured Loans		9.995	32.931	52.702
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		9.995	32.931	52.702
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		207.303	168.380	156.649
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		126.747	130.838	36.870
Capital work-in-progress		0.000	0.750	51.380
INVESTMENT		0.104	0.144	0.144
DEFERREX TAX ASSETS		4.012	3.650	2.845
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.809	71.863	64.063
	Sundry Debtors	73.105	69.930	60.854
	Cash & Bank Balances	63.484	10.982	25.412
	Other Current Assets	6.801	4.886	8.811
	Loans & Advances	5.058	5.224	4.465
Total Current Assets		211.257	162.885	163.605
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.503	86.878	67.287
	Other Current Liabilities	34.214	23.875	19.303
	Provisions	29.100	19.134	11.605
Total Current Liabilities		134.817	129.887	98.195
Net Current Assets		76.440	32.998	65.410
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		207.303	168.380	156.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	538.048	429.018	348.983
		Other Income	12.594	9.927	3.140
		TOTAL (A)	550.642	438.945	352.123
Less	EXPENSES
		Cost of Material	164.808	137.535	111.136
		Cost of Trading Goods	32.562	30.196	25.518
		Employees Cost	90.024	83.559	63.043
		Manufacturing, Administration and Selling Expenses	155.425	147.922	114.145
		TOTAL (B)	442.819	399.212	313.842
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		107.823	39.733	38.281
Less	FINANCIAL EXPENSES (D)		3.134	6.702	3.027
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.689	33.031	35.254
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.174	10.447	5.222
	PROFIT BEFORE TAX (E-F) (G)		95.515	22.584	30.032
Less	TAX (I)		33.657	11.082	12.056
	PROFIT AFTER TAX (G-I) (J)		61.858	11.502	17.976
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.449	(6.053)	(24.029)
	BALANCE CARRIED TO THE B/S		67.307	5.449	(6.053)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.014	10.130	8.857
		Commission Earnings	2.054	1.172	0.000
	TOTAL EARNINGS		11.068	11.302	8.857
	IMPORTS
		Raw Materials	27.379	12.124	11.135
		Trading Goods	18.162	29.187	12.824
	TOTAL IMPORTS		45.541	41.311	23.959
	Earnings Per Share (Rs.)		4.76	0.96	1.63

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	11.23	2.62	5.11
Net Profit Margin (PBT/Sales)	(%)	17.75	5.26	8.61
Return on Total Assets (PBT/Total Assets}	(%)	28.26	7.69	14.98
Return on Investment (ROI) (PBT/Networth)		48.41	0.17	0.29
Debt Equity Ratio (Total Liability/Networth)		0.73	1.20	1.45
Current Ratio (Current Asset/Current Liability)		1.57	1.25	1.67

LOCAL AGENCY FURTHER INFORMATION

Background:

Subject is a joint venture between Ardex Investments Mauritius Limited, with holding of 6,500,000 shares (50%) and Prism Cement Limited ( Formerly, H and R Johnson (India) Limited which is amalgamated with Prism Cement Limited ) with holding of 6,500,000 shares (50%). The Company is engaged in the business of manufacturing and marketing of Tile adhesives, grouts, flooring, waterproofing and allied products.

Operations:

The Company sold 25,980 MT of adhesives and other products including liquids during the year. The production and sales are expected to continue to grow. The Company’s 2nd Plant with a capacity of 20,000 MT of adhesives, grouts and allied products at Savli near Baroda, Gujarat is operating smoothly. The Company is planning to set up its new Plant near Bangalore to tap the emerging opportunities.

Finance:

The Company has adequate arrangement for working capital facilities with ING Vysya Bank Ltd.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24233KA1997PTC022383
Name of the company	ARDEX ENDURA (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	73/1B, Byregowda Industrial Estate, Srigandhanagar, Hegganahalli, Vishwaneedem, Post Peeny All Stage Bangalore-560091, Karnataka, India
This form is for	Modification of charge
Type of charge	Movable Property Book Debts Floating Charge
Particular of charge holder	ING Vysya Bank Limited, Chamber of Commerce Building, Kempegowda Road, Bangalore-560009, Karnataka, India E-mail: giridharvvrn@ingvysyabank.com
Nature of description of the instrument creating or modifying the charge	Supplemental General Hypothecation Agreement.
Date of instrument Creating the charge	19.01.2010
Amount secured by the charge	Rs. 57.250 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest No Change Terms of Repayment No Change Margin No Change Extent and Operation of the charge Exclusive first charge on the stocks of the company both present and future. Exclusive first charge on the whole of furniture and fixtures, vehicles and all other moveable assets of the company both present and future. Exclusive first charge on the entire plant and machinery, equipment of the company both present and future. Exclusive first charge on the entire book debts of the company both present and future.
Short particulars of the property charged	Entire stocks, furniture and fixtures, vehicles, all other moveable, plant and machinery and equipment of the company stored at the places Entire book debts of the company both present and future.
Particulars of the present modification	There is no change in the amount of Rs.57.265 millions. The limit has been additionally secured by the hypothecation on the assets of the company. All other terms and conditions are same.

Name of the company	ARDEX ENDURA (INDIA) PRIVATE LIMITED
Presented By	ING Vysya Bank Limited, Chamber of Commerce Building, Kempegowda Road, Bangalore-560009, Karnataka, India
1) Date and description of instrument creating the change	Date 02.01.2004 (Second Day of January, 2004). Agreement for Hypothecation of stock in Trade, Machinery, Book Debts, Book debts, Bills and All other Movables
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 13.500 Millions Cash Credit Rs. 10.000 Millions, L.C :- Rs. 2.000 Millions and B.G – Rs. 1.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all the Present and Future Goods, Book Debts and all other Movables of the Borrower including Documents of Title to Goods and all other Movables such as Outstanding Monies, Receivables, Claims, Bills, Invoices, Documents, Contracts, Engagements, Securities, Investments, and Past and Present Machinery listed in the Schedule hereunto and all future Machinery belonging to or in the possession or under the control of the Borrower wherever lying stored and kept and whether in possession of the borrower or of the Bank or of any third party whether in India or elsewhere throughout the world shall stand hypothecated to the Bank by way of First Charge. Hypothecation by way of First Charge on all the Raw Materials, Work in Process, Finished Goods of the Company stores at their Factory Premises and Deposits, All the Book Debts of the Company, Furniture and Fixture, Plant and Machinery, Office Equipments, Processing Equipments, Lab Equipments etc.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest: 7.5% Above Bank Rate per annum with periodical rests and or at such rates and rests as may be specified by the Bank from time to time. Default Interest: 2% per annum. Margin: 10% on LC/BG and 25% on C.C Repayment : On Demand
5) Name and Address and description of the person entitled to the charge.	ING Vysya Bank Limited, Chamber of Commerce Building, Kempegowda Road, Bangalore-560009, Karnataka, India
6) Date and brief description of instrument modifying the charge	Date : 22.12.2005 Supplemental Agreement for Hypothecation of Stock in Trade, Machinery, Book Debts, Bills and all other Movables
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	By the above, the amount secured by the charge stands Increased form Rs. 18.750 Millions to Rs. 24.250 Millions [CC Rs. 20.000 Millions, (FLC (DA) – Rs. 2.500 Millions sub limit of CC), BG – Rs. 3.000 Millions and Vys. Mobile Rs. 1.250 Millions] Rate of Interest, Commission and Margin : As stipulated Repayment : CC- On Demand. Interest, Margin and Repayment of Vys Mobile is as per Old Form 08 and 13 Security/ies already obtained like Stocks, Goods, Book Debts, Plant and Machinery, Vehicles, Furniture and Fixtures, Office Equipments, Processing Equipments, Lab Equipments, etc. both present and future will continue for the entire credit facilities of Rs. 24.250 Millions by way of first Charge.

Fixed Assets:

· Land

· Plant and Machinery

· General

· Data Processing Equipments

· Lab Equipments

· Furniture and Fittings

· Office Equipments

· Vehicles

· Leasehold Improvements

· Roads and Colverts

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.44.46
UK Pound	1	Rs.71.53
Euro	1	Rs.64.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.