MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	KAMANI OIL INDUSTRIES PRIVATE LIMITED
Registered Office :	Pooran Asha Builing, Ground Floor, 317, Narsi Natha Street, Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.10.2002
Com. Reg. No.:	11-137681
Capital Investment / Paid-up Capital :	Rs. 357.000 Millions
CIN No.: [Company Identification No.]	U15140MH2002PTC137681
TAN No.: [Tax Deduction & Collection Account No.]	MUMK17979D
PAN No.: [Permanent Account No.]	AACCK4395B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Vanaspati Edible Oils and Refined Oils.
No. of Employees :	550 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2900000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having good track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Sanjay
Designation :	Account Manager
Contact No.:	91-22-28478811
Date :	18.11.2011

LOCATIONS

Registered Office :	Pooran Asha Builing, Ground Floor, 317, Narsi Natha Street, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-28478811 / 2 / 3
Fax No.:	91-22-28478805
E-Mail :	ranjit@kamani.com lokapur@kamani.com finance@kamani.com
Location :	Owned
Factory :	Located At Mumbai, Maharashtra, India

DIRECTORS

AS ON 07.08.2010

Name :	Mr. Nandlal Hassanand Chawla
Designation :	Director
Address :	4A, Jivan Niwas, 87, Worli Sea Face, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	09.06.1939
Date of Appointment :	24.10.2002
DIN No.:	00763037

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1962PTC012324	CHAWLA BROTHERS PRIVATE LIMITED	Managing director	15-03-67	15-03-67	Active	NO
2	U45200MH1992PTC067967	KARUNA BUILDERS PRIVATE LIMITED	Director	31-07-92	31-07-92	Active	NO
3	U15100MH1982PTC028058	KAMANI OILS (INDIA) PRIVATE LIMITED	Director	01-05-93	01-05-93	Active	NO
4	U15140MH2002PTC137681	KAMANI OIL INDUSTRIES PRIVATE LIMITED	Director	01-04-07	24-10-02	Active	NO
5	U45200MH2005PTC157897	SHIV SHARAN REALTORS PRIVATE LIMITED	Director	08-12-05	08-12-05	Active	NO
6	U74900MH2007PLC171386	ALL INDIA LIQUID BULK IMPORTERS AND EXPORTERS ASSOCIATION	Director	07-06-07	07-06-07	Active	NO
7	U45200MH2007PTC172125	PRETTYBUILT DEVELOPERS PRIVATE LIMITED	Director	05-07-07	05-07-07	Active	YES

Name :	Mr. Vinay Tarachand Chawla
Designation :	Director
Address :	3A, Jivan Niwas, 87, Worli Sea Face, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	19.06.1979
Date of Appointment :	24.10.2002
DIN No.:	00763078

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15140MH2002PTC137681	KAMANI OIL INDUSTRIES PRIVATE LIMITED	Director	24-10-02	24-10-02	-	Active	NO
2	U74999MH1962PTC012324	CHAWLA BROTHERS PRIVATE LIMITED	Director	02-05-03	02-05-03	-	Active	NO
3	U45200MH2007PTC172125	PRETTYBUILT DEVELOPERS PRIVATE LIMITED	Director	05-07-07	05-07-07	27-06-11	Active	YES

Name :	Mr. Prakash Nandlal Chawla
Designation :	Director
Address :	4A, Jivan Niwas, 87, Worli Sea Face, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	21.12.1963
Date of Appointment :	24.10.2002
DIN No.:	00763147

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1962PTC012324	CHAWLA BROTHERS PRIVATE LIMITED	Director	08-01-96	08-01-96	Active	NO
2	U15100MH1982PTC028058	KAMANI OILS (INDIA) PRIVATE LIMITED	Director	02-09-97	02-09-97	Active	NO
3	U15140MH2002PTC137681	KAMANI OIL INDUSTRIES PRIVATE LIMITED	Director	24-10-02	24-10-02	Active	NO
4	U45200MH2007PTC172125	PRETTYBUILT DEVELOPERS PRIVATE LIMITED	Director	05-07-07	05-07-07	Active	YES

Name :	Mr. Tarachand Bodaram Chawla
Designation :	Director
Address :	3A, Jivan Niwas, 87, Worli Sea Face, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	17.12.1939
Date of Appointment :	24.10.2002
DIN No.:	00763180

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1962PTC012324	CHAWLA BROTHERS PRIVATE LIMITED	Director	01-10-63	01-10-63	Active	NO
2	U45200MH1992PTC067967	KARUNA BUILDERS PRIVATE LIMITED	Director	31-07-92	31-07-92	Active	NO
3	U15100MH1982PTC028058	KAMANI OILS (INDIA) PRIVATE LIMITED	Director	01-05-93	01-05-93	Active	NO
4	U15140MH2002PTC137681	KAMANI OIL INDUSTRIES PRIVATE LIMITED	Director	24-10-02	24-10-02	Active	NO
5	U45200MH2005PTC157897	SHIV SHARAN REALTORS PRIVATE LIMITED	Director	08-12-05	08-12-05	Active	NO
6	U45200MH2007PTC172125	PRETTYBUILT DEVELOPERS PRIVATE LIMITED	Director	05-07-07	05-07-07	Active	YES

Name :	Mr. Ramesh G. Parwani
Designation :	Director
Address :	A-203, Sai Suman Co-Operative Housing Society limited, Ambadi Road, Vasai (East), District Thane, Vasai-401208, Maharashtra, India
Date of Birth/Age :	30.10.1940
Date of Appointment :	29.04.2009
DIN No.:	02626212

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1962PTC012324	CHAWLA BROTHERS PRIVATE LIMITED	Director	25-11-02	25-11-02	Active	NO
2	U15140MH2002PTC137681	KAMANI OIL INDUSTRIES PRIVATE LIMITED	Director	22-09-09	29-04-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.08.2010

Names of Equity Shareholders	No. of Shares
Tarachand B Chawla	107005
Nandlal H Chawla	93425
Prakash N Chawla	104356
Vinay T Chawla	294819
Geeta N Chawla	25452
Nandlal H Chawla (Karta of Nandlal H Chawla HUF)	2121
Jaya P Chawla	23331
Prakash N Chawla (Karta of Prakash N Chawla)	23331
Devendra P Chawla	21210
Samrath P Chawla	21210
Sunil N Chawla	106477
Karuna S Chawla	23331
Sunil N Chawla (Karta of M. Sunil N Chawla HUF)	23331
Harshvardhan S Chawla	21210
Pranav S Chawla	21210
Joyti T Chawla	106050
Tarachand B Chawla (Karta of Tarachand B Chawla HUF)	2121
Bodaram Sons	10
Total	1020000

AS ON 07.08.2010

Names of Preference Shareholders	No. of Shares
International finance Corporation	2550000
Total	2550000

AS ON 07.08.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Vanaspati Edible Oils and Refined Oils.

Products :

ITC CODE	PRODUCTS
151620	Vanaspati, Edible Oils and Refined Oils

Brand Names :

Coco Pure Oil

Komal

Imports :

Products :

Oil

Countries :

· Indonesia

· Malaysia

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· Industries

No. of Employees :

550 (Approximately)

Bankers :

· Bank of India, Mandvi Branch, Kanmoor House, 81/287, Narsi Natha Street, Mumbai-400009, Maharashtra, India

· ICICI Bank

· HDFC Bank

· Axis Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Bank of India
Cash Credit Account	236.772	138.579
Terms Loan	2.369	339.835
Buyers Credit	0.000	40.000
Foreign Currency Term Loan	454.722	0.000
Add Interest accrued term loan (amount due within next 12 Months Rs. 90.000 Millions, Previous Year Rs. Nil)	2.347	0.000
Note : The cash credit account is secured by hypothecation of stock and book debts. The term loan is secured by hypothecation of Stock and Book Debts and equitable mortgage of Buildings, Plant and Machinery at Honad Village, Taluka- Khopoli, Maharashtra. The above facilities are collaterally secured by hypothecation of Plant and Machinery at Andheri (East) Mumbai, equitable mortgage of Land and Factory Building and Office Premises of a guarantor company, and personal guarantees of directors and guarantee issued by an associate company. The buyers' credit is
HDFC Bank	2.684	0.038
ICICI Bank	0.000	0.205
Axis Bank (Amount due within next 12 Months Rs. 1.132 Millions, P.Y. Rs. 0.711 million)	0.195	0.410
From Others
Kotak Mahindra Prime Limited	0.000	0.249
Tata Capital Limited (Amount due within next 12 months Rs.0.412 Million, P Y Rs. 0.373 Million)	0.672	1.042
Note: Secured Against hypothecation of Motor Vehicles
Total	699.761	520.358
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors (Maximum amount due during the year Rs. 53.702 millions P.Y. Rs. 23.887 Millions)	37.127	23.887
From others (Maximum amount due during the year Rs.113.995 Millions P. Y. Rs. 93.830 Millions)	71.960	93.830
Total	109.087	117.717

Banking Relations :	--
Auditors :
Name :	K. S. Aiyar and Company Chartered Accountant
Address :	#F-7, Laxmi Mills, Shakti Mills Lane, Off Dr. E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-24932502 / 66551770
Fax No.:	91-22-66551774
E-Mail :	mail@ksaiyr.com
Pan No.:	AABPA3818P
Associates / Subsidiaries :	· Chawla Brother Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs. 150.000 Millions
2550000	4.7% Convertible Preference Shares	Rs.100/- each	Rs. 255.000 Millions
	Total		Rs. 405.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1020000	Equity Shares	Rs.100/- each	Rs. 102.000 Millions
2550000	4.7% Convertible Preference Shares	Rs.100/- each	Rs. 255.000 Millions
	Total		Rs. 357.000 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		357.000	357.000	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		375.563	243.939	0.000
4] (Accumulated Losses)		0.000	0.000	(0.153)
NETWORTH		732.563	600.939	(0.053)
LOAN FUNDS
1] Secured Loans		699.761	520.358	0.000
2] Unsecured Loans		109.087	117.717	2.307
TOTAL BORROWING		808.848	638.075	2.307
DEFERRED TAX LIABILITIES		60.758	0.000	0.000
TOTAL		1602.169	1239.014	2.254
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		873.578	46.837	2.021
Capital work-in-progress		11.414	554.403	0.000
INVESTMENT		0.066	0.066	0.000
DEFERREX TAX ASSETS		0.000	2.408	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	865.501	327.878	0.000
	Sundry Debtors	244.393	252.005	0.000
	Cash & Bank Balances	267.383	356.412	0.183
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	265.290	153.526	0.029
Total Current Assets		1642.567	1089.821	0.212
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	714.733	290.807	0.000
	Other Current Liabilities	57.102	35.468	0.003
	Provisions	153.621	128.246	0.000
Total Current Liabilities		925.456	454.521	0.003
Net Current Assets		717.111	635.300	0.209
MISCELLANEOUS EXPENSES		0.000	0.000	0.024
TOTAL		1602.169	1239.014	2.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5227.647	5315.708	0.000
		Other Income	20.820	31.647	0.006
		TOTAL	5248.467	5347.355	0.006
Less	EXPENSES
		Office Expenses	4973.038	5206.736	0.132
		Administrative Expenses
		Advertising Expenses
		TOTAL	4973.038	5206.736	0.132
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		275.429	140.619	(0.126)
Less	DEPRECIATION/ AMORTISATION		79.696	5.326	0.000
	PROFIT / (LOSS) BEFORE TAX		195.733	135.293	(0.126)
	TAX		64.058	48.928	0.00
	PROFIT / (LOSS) AFTER TAX		131.625	86.365	(0.126)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		86.365	0.000	NA
	BALANCE CARRIED TO THE B/S		217.990	86.365	NA
	EXPORT VALUE		0.732	0.800	NA
	IMPORTS
		Raw Materials	2598.440	2004.026	NA
	Earnings / (Loss) Per Share (Rs.)		129.04	66.00	126.00

Particulars	31.03.2011
Sales Turnover (Approximately)	7260.000

The above information has been parted by Mr. Sanjay.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.51	1.62	(2100.00)
Net Profit Margin (PBT/Sales)	(%)	3.74	2.55	0.00
Return on Total Assets (PBT/Total Assets}	(%)	7.78	11.88	(5.64)
Return on Investment (ROI) (PBT/Networth)		0.27	0.23	2.38
Debt Equity Ratio (Total Liability/Networth)		2.45	1.82	(43.47)
Current Ratio (Current Asset/Current Liability)		1.77	2.40	70.67

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Due to Micro, Small and Medium Enterprises	0.045	0.376	0.000
Due to Others	714.688	290.431	0.000
Total	714.733	290.807	0.000

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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	No
13. Reasons for variation <> 20%	No
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	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

NEW PROJECT AND ITS STATUS:

The plant at Khopoli has started functioning and operational during the year. The plant started operating partially since July 2009 and has been fully operational by 31st March 2010. As on date, barring a few support amenities the entire plant is fully operational. The management is satisfied with the working of the plant but for some teething problems. The installation of the new plant was completed in a record time of eighteen months and the Board expresses deep gratitude to all those who contributed in completing this task. With the new plant in place, the manufacturing facilities have increased and now the company possesses facilities to process 500 tons of oil per day. With manicuring facilities in place, the company is now among the manufacturers of edible oils and specialty fats. These facilities will enable the company to reap the advantages of large operations and benefits of scale are sure to accrue. The plant has flexibility to produce various types of value added oil and fats which will enable better market presence.

PERFORMANCE OF THE COMPANY;

The price of edible oils, the basic raw material of the company, remained volatile but lower than the previous year. The revenues form operations in absolute terms showed marginal decline, however the quantity produced and sold has shown a marked improvement. In the present highly competitive market the management views this position as encouraging and it is expected that the coming year will be better. The competitive pressure, however, remains unabated. More multinationals are coming with large capacities and consolidation of the market is expected. They had read this situation and expansion was undertaken to meet this challenge. The consolidated effect of above is expected to deliver desired results. During the current year, the Company has incurred higher manufacturing expenses compared to last year due to working of two plants at partial capacity.

THE SCHEME OF DE-MERGER

The Bombay High Court sanctioned the Scheme of demerger on 14.03.2008 of Chawla Brothers with the company at appointed date 01.04.2008. Due to this scheme, the entire assets and liabilities of the oil business of Chawla Brother Private Limited were transferred to the company. This has helped the company to manufacture and market edible oil in the local as well as export market.

TRADE REFERENCES:

· D’Mart

· Big Bazar

FIXED ASSETS

· Freehold Land

· Building and Premises

· Plant and Machinery

· Computers

· Equipments and Appliances

· Fax Machine

· Electric Installations

· Vehicles

· Furniture and Fixtures

· Moulds and Dies

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. 51.71
UK Pound	1	Rs. 81.41
Euro	1	Rs. 69.88

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	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		47

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.