MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	BUILDMET FIBRES PRIVATE LIMITED
Registered Office :	42, Industrial Area, Doddaballapur – 561203, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.12.1999
Com. Reg. No.:	08-26059
Capital Investment / Paid-up Capital :	Rs.21.679 Millions
CIN No.: [Company Identification No.]	U25209KA1999PTC026059
TAN No.: [Tax Deduction & Collection Account No.]	BLRB01630G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of FIBC bags, PP woven fabrics, container liners, small bags etc.
No. of Employees :	In Office + in Factory Approximately / Not Available / Not Divulged by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually made 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	42, Industrial Area, Doddaballapur – 561203, Karnataka, India
Tel No.:	Not Available
E-Mail :	njayaraman@airtelmail.in jsurya@vsnl.com ramakrishnan@buildmetfibres.in
Website:	http://buildmetfibres.in
Corporate Office :	No. A – 9, 1^st Stage, 1^st Cross, Peenya Industrial Area, Bengaluru – 560058, Karnataka, India
Tel. No.:	91-80-23723431/28395124
Fax No.:	91-80-23724091

DIRECTORS

Name :	Mr. Ramanathan Panchapakesan
Designation :	Director
Address :	182, 1^St Main, Mahalakshmi Layout, Bangalore – 560086, Karnataka, India
Date of Birth/Age :	16.10.1952
Date of Appointment :	19.12.1999
Din No.:	00515881

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
U25209KA1998PTC023840	Innova Polypak Private Limited	Director	30-07-98	30-07-98	16-07-09	Active	NO
U25209KA1999PTC026059	Buildmet Fibres Private Limited	Director	09-12-99	09-12-99	-	Active	NO
U51101KA2002PTC030027	Food Creations Private Limited	Managing director	22-01-02	22-01-02	-	Active	NO
U14339KA1993PTC014339	Shakthi Kiran Foods Private Limited	Managing director	10-10-02	10-10-02	-	Active	NO
U16000TN1970PLC005883	Cigfil Limited	Managing director	28-10-10	28-10-10	-	Active	NO

Name :	Mr. Ramakrishnan Selyaganapathy
Designation :	Director
Address :	101, KHB Colony, Basaveshwar Nagar, Bangalore – 560079, Karnataka, India
Date of Birth/Age :	15.07.1954
Date of Appointment :	03.12.1999
Din No.:	01632133

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
U25209KA1999PTC026059	Buildmet Fibres Private Limited	Managing director	31-07-10	09-12-99	-	Active	NO
U25209KA2000PTC027796	Transpac Asia Private Limited	Managing director	18-09-00	18-09-00	-	Active	NO
U51101KA2002PTC030027	Food Creations Private Limited	Director	25-01-02	25-01-02	-	Active	NO
U14339KA1993PTC014339	Shakthi Kiran Foods Private Limited	Director	10-10-02	10-10-02	-	Active	NO
L28920TN1947PLC007437	Tulsyan Nec Limited	Director	31-01-05	31-01-05	-	Active	NO

Name :	Mr. Bharat Ramakrishnan
Designation :	Director
Address :	101, KHB Colony, Basaveshwar Nagar, Bangalore – 560079, Karnataka, India
Date of Birth/Age :	10.03.1983
Date of Appointment :	30.09.2009
Din No.:	02742467

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
U25209KA1998PTC023840	Innova Polypak Private Limited	Additional director	16-07-09	16-07-09	-	Active	NO
U25209KA1999PTC026059	Buildmet Fibres Private Limited	Director	30-09-09	16-07-09	-	Active	NO

Name :	Mr. Lalit Kumar Tulsyan Ganesh Lal
Designation :	Director
Address :	19/12, 1^st Main Road, Jayamahal Extension, Bangalore-560046, Karnataka, India
Date of Birth/Age :	18.02.1960
Date of Appointment :	30.09.2010
Name :	Mr. Sanjay Tulsyan Ganesh Lal
Designation :	Director
Address :	A 602, Keshav Dugar, 1 East Avenue, Keshavaperumalpuram, R A Puram, Chennai-600028, Tamilnadu, India
Date of Birth/Age :	12.01.1964
Date of Appointment :	30.09.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Ramanathan Panchapakesan	275428
Ramakrishnan Selyaganapathy	885427
R. Geetha	1000000
Vishwanath	100
Total	2160955

As on 31.07.2010

Names of Shareholders	No. of Shares
Tulsyan NEC Limited, Chennai, Tamilnadu, India	1000000
Total	1000000

Equity Share break-up as on 30.09.2009

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of FIBC bags, PP woven fabrics, container liners, small bags etc.

Products :

Capable of producing all types of FIBC Bags with safe working load ranging from 500 kgs to 2000 kgs. Printed and Unprinted FIBCs made from Circular woven Fabric, Sulzer flat fabrics. Builder Bags Ventilated Bags Container Liners Conductive bags(Type C) One Loop, Two Loop bags for the Fertilizer industry Bags with Corner or Cross corner loops. Bags with glued liners Bags with preshaped liners Bags with normal liners Baffle Bags Bag in Bags Clean Bags

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Quantity	Value Rs in Lacs
Licensed Capacity	MT	NA	NA
Installed Capacity	MT	4284	NA
Production	MT	4685	NA

GENERAL INFORMATION

Bankers :

v Bank of India, Corporate Banking Branch, No. 25/1, Skip House, Museum Road, Bangalore – 560025, Karnataka, India

v ICICI Bank Limited

v HDFC Bank Limited

Facilities :

(Rs. in millions)

Secured Loans	31.03.2010	31.03.2009
Packing Credit with Bank of India	117.300	106.366
Term loan from Bank of India	0.000	8.731
Car Loan ICICI Bank Limited	0.444	0.769
Bank of India Current Account	3.454	0.000
Car Loan HDFC Bank Limited	4.569	0.000
Total	125.767	115.866

(Rs. in millions)

Unsecured Loans	31.03.2010	31.03.2009
From Body Corporate	6.900	9.800
Loan from Directors, Shareholders	4.300	4.300
Total	11.200	14.100

Banking Relations :	--
Auditors :
Name :	Swami and Ravi Chartered Accountant
Address :	405 – B, Kasturi Dhama Apartment, 9^th Cross, 8^th Main, Malleswaram, Bangalore – 560003, Karnataka, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,160,955	Equity Shares	Rs. 10/- each	Rs. 21.609 Millions
	Share Application Money		Rs. 0.070 million
	Total		Rs. 21.679 millions

(The above includes 550555 Equity shares of Rs. 10/- each fully paid issued pursuant to the order of the high court of Karnataka approving the scheme of arrangement)

As on 30.09.2010

Authorised Capital : Rs.100.000 millions

Issued, Subscribed & Paid-up Capital : Rs.51.609 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		21.679	21.679	13.079
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.002	18.144	13.246
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47.681	39.823	26.325
LOAN FUNDS
1] Secured Loans		125.767	115.867	101.160
2] Unsecured Loans		11.200	14.100	30.600
TOTAL BORROWING		136.967	129.967	131.760
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		184.648	169.790	158.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.030	33.321	35.951
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.116	29.406	52.127
	Sundry Debtors	37.251	89.559	108.641
	Cash & Bank Balances	8.022	22.742	(1.055)
	Other Current Assets	12.766	25.527	8.319
	Loans & Advances	82.396	13.748	6.724
Total Current Assets		187.551	180.982	174.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.987	34.300	47.154
	Other Current Liabilities	1.419	3.193	1.236
	Provisions	7.527	7.020	4.233
Total Current Liabilities		39.933	44.513	52.623
Net Current Assets		147.618	136.469	122.134
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		184.648	169.790	158.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	479.775	496.130	419.601
		Other Income	41.422	14.926	1.078
		TOTAL (A)	521.197	511.056	420.679
Less	EXPENSES
		Increase or Decrease in Work in process/ Finished Goods	9.609	[22.230]	[0.890]
		Raw Materials Consumed	364.994	354.869	328.101
		Salaries and Wages	5.917	3.649	3.032
		Other Expenses	111.778	140.859	63.735
		TOTAL (B)	492.298	477.147	393.978
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.899	33.909	26.701
Less	FINANCIAL EXPENSES (D)		12.324	21.003	17.809
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.575	12.906	8.892
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.722	4.990	4.826
	PROFIT BEFORE TAX (E-F) (G)		11.853	7.916	4.066
Less	TAX (H)		3.583	3.019	1.858
	PROFIT AFTER TAX (G-H) (I)		8.270	4.897	2.208
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.143	13.246	11.038
	BALANCE CARRIED TO THE B/S		26.413	18.143	13.246
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	430.600	468.400	411.500
	TOTAL EARNINGS		430.600	468.400	411.500
	IMPORTS
		Raw Materials	72.434	15.018	46.276
		Stores & Spares	0.146	0.187	0.251
		Capital Goods	0.000	0.065	0.661
	TOTAL IMPORTS		72.580	15.270	47.188
	Earnings Per Share (Rs.)		3.83	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.59	0.96	0.52
Net Profit Margin (PBT/Sales)	(%)	2.47	1.60	0.97
Return on Total Assets (PBT/Total Assets}	(%)	5.28	3.69	1.93
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.15
Debt Equity Ratio (Total Liability/Networth)		3.71	1.12	2.00
Current Ratio (Current Asset/Current Liability)		4.70	4.07	3.32

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office address of the company has been shifted from Shed No A-9 1st Cross, 1st Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India to present w. e. f. 24.12.2009.

Operations:

The export turnover for the year-ended 31.03.2010 was Rs. 431.000 Millions. The directors are confident of bringing out better results in the coming years.

Contingent Liabilities:

Counter guarantees given to the bankers for guarantees given by them to the extent of RS. Nil (P.Y. Nil). Letters of credit opened by bank and outstanding as on 31^st March 2010: Rs. 6.500 Millions (P.Y. Rs. 22.187 Millions)

Bills discounted with Banks Rs. 8.772 Millions (P.Y. Nil)

Export obligation pending against Advance Authorisation 2984 Mts.

Export obligation pending against EPCG Licenses 48.032 Millions.

Form 8

This form is for

Modification of charge

Charge identification number of the modified

90192471

Corporate identity number of the company

U25209KA1999PTC026059

Name of the company

BUILDMET FIBRES PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Shed No A-9 1st Cross, 1st Stage, Peenya Industrial

Estate, Bangalore – 560058, Karnataka, India

Type of charge

v Book Debts

v Movable Property

v Immovable Property

v Floating Charge

v Others

Particular of charge holder

Name :	v Bank of India
Address :	Corporate Banking Branch, No. 25/1, Skip House, Museum Road, Bangalore – 560025, Karnataka, India
Email :	jsurya@vsnl.com

Nature of description of the instrument creating or modifying the charge

Supplemental Deed Of Hypothecation Extension of Equitable Mortgage - Oral Assent (Both The Documents Relate To The Same Modification)

Date of instrument Creating the charge

24.01.2009

Amount secured by the charge

Rs. 162.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

TL : Interest @ 0.50% over BPLR presently at 13.00% p.a

EPC upto 270 days : Interest @ 9.75% p.a

Foreign Bills upto 180 days : Interest @ 10.50% p.a

Terms of Repayment

CC : Repayable on demand

TL : Repayable as per schedule

Margin

TL : 20.62%

EPC : 25%

Extent and Operation of the charge

Charge extends by way of first charge on all the assets throughout the period of sanctioned limits.

Others

(EPC + FBP) : Rs. 115.000 millions, TL : Rs. 18.500 millions LC : Rs. 28.500 millions, Total : Rs. 162.000 millions.

Short particulars of the property charged

Hypothecation of the whole of the present and future stocks of raw materials, finished and semi finished goods, book debts, receivables, plant and machineries (As per Part A and B), etc. belonging to the company. EM on co's immovable properties comprising of land and building situated at Plot No. 42, Sy No. 90, Industrial Area, Veerapura Village, Kasaba Hobli, Doddaballapur, Bangalore measuring (approx) 4,052 Sqmtrs to continue.

Date of latest modification prior to the present modification

13.06.2008

Particulars of the present modification

Total limits enhanced to Rs. 162.000 millions. EM on co's immovable properties comprising of land and building situated at Plot No. 42, Sy No. 90, Industrial Area, Veerapura Village, Kasaba Hobli, Doddaballapur , Bangalore measuring (approx) 4052 Sq. mtrs shall continue. All other terms, conditions and existing securities to continue.

FORM 8

Name of the company	BUILDMET FIBERS PRIVATE LIMITED
Presented By	Bank of India, Corporate Banking Branch, No. 25/1, Skip House, Museum Road, Bangalore – 560025, Karnataka, India
1) Date and description of instrument creating the change	24.12.2001 (Regd. 10/ 18.03.2002) Agreement of Hypothecation of Plant and Machinery, Stock and Book Debts
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 20.000 Millions 1. EPC Rs. 10.000 Millions 2. FBP Rs. 7.500 Millions (1+2) Rs. 15.000 Millions Non Fund : LC Rs. 5.000 Millions BG Rs. 5.000 Millions NFB:Max. Rs. 5.000 Millions Total FB + NFB Rs. 20.000 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 current assets including in particular stocks of raw materials such as polypropylene high density, polyethylene, low density, polyethylene, master batch, stock in process, finished goods, etc. lying at the borrower factory at No. 42, Industrial Area, Doddaballapur, Bangalore district of where so ever situated/ lying or iin transit. All that plant and machineries including particular circular weaving machines, tape, plant, cheese, winders, shuttle looms, sewing machines, generator set, air compressor, chilling plant etc. furniture/ fixture, office equipments, computes, peripherals on second charge basis ( I charge with KSFC) at No. 42 Industrial Area, Doddballpur Where so ever situated/ lying or in transit.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest and Margin as applicable from time to time repayable on demand
5) Name and Address and description of the person entitled to the charge.	Bank of India, Corporate Banking Branch, 25/1, Skip House, Museum Road, Bangalore-560025
6) Date and brief description of instrument modifying the charge	24.04.2003 Letter evidencing deposit of Title deeds
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.	Equitable mortgage created by deposit of title deeds on company’s immovable properties such as land, buildings, and other structures situated at Plot No. 42, Sy. No. 90, Veerapur Village, Doddaballapur Industrial Area, Bangalore District against various credit facilities sanctioned by bank. All other terms and conditions remain unchanged.

Fixed Assets

v Land

v Buildings

v Plant and Machinery

v Electrical Installation

v Furniture and Fixture

v Office Equipments

v Vehicle

v Container

AS PER WEBSITE

Company overview

 Subject was established in 1984 to manufacture and export Polypropylene Woven Sacks and allied products. Started as small bag/fabric manufacturer and matured over a decade to a company having the state of the art plant and capable of producing FIBCs over 600 tonnes per month. True to their mission they have grown since inception through technology development and committed people. Their products serve the needs of industries ranging from construction to specialty minerals

Subject was established in 1984 to manufacture and export Polypropylene Woven Sacks and allied products.

• Recipient of the best exporter award for many years
• Has reputed overseas clients in Europe, USA  and other Countries.
• Product certified by internal and customer specific standards
• Producer of Non UV and UV Stabilized Polypropylene Circular Woven Fabrics
• Coating facility upto 2.5 Mtrs width.
• Preshaping facility for liners.
• Nordson gluing machine from USA.
• Solution provider. Ready to meet customer specific FIBC design and requirement
• Believe and extend mutually beneficial long-term sustainable relations
• Buildmet’s long history in this business is a doubtless proof for the value of its reliability.

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. 47.46
UK Pound	1	Rs. 74.95
Euro	1	Rs. 65.79

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
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.