MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	ARCOTECH LIMITED
Registered Office :	181, Sector 3, Industrial Growth Centre, Bawal, District Rewari, Bawal-123 501, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.08.1981
Com. Reg. No.:	05-012151
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	L34300HR1981PLC012151
PAN No.: [Permanent Account No.]	AAACS2437G
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Copper and Brass Strips and Foils.
No. of Employees :	110 (Approximately)

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 2300000
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 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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/ Factory :	181, Sector 3, Industrial Growth Centre, Bawal, District Rewari, Bawal-123 501, Haryana, India
Tel. No.:	91-1284-264160 / 264161
Mobile No.:	91-9312880026 (Mr. Shah)
Fax No.:	91-1284-264022
E-Mail :	rp@arcotech.in contact@arcotech.in
Website :	http://www.arcotech.in http://www.indiamart.com/arcotechltd
Area :	25000 sq ft
Location :	Owned
Corporate Office :	F-701 A, Lado Sarai, New Delhi-110030, India
Tel. No.:	91 -11 - 29523251, 32503334
Fax No.:	91 -11 - 29523020
Area :	1000 sq ft
Location :	Rented

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Arvind K. Saraf
Designation :	Chairman
Name :	Mr. R.N. Pattanayak
Designation :	Whole Time Director
Name :	Mr. Gautam Khaitan
Designation :	Director
Name :	Mr. R.D. Tayal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Amit Sharma
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2011

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,408,519	12.04
Bodies Corporate	10,677,725	53.39
Sub Total	13,086,244	65.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13,086,244	65.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	44,000	0.22
Financial Institutions / Banks	6,900	0.03
Sub Total	50,900	0.25
(2) Non-Institutions
Bodies Corporate	4,936,092	24.68
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	830,598	4.15
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	1,090,116	5.45
Any Others (Specify)	6,050	0.03
Non Resident Indians	4,927	0.02
Clearing Members	1,123	0.01
Sub Total	6,862,856	34.31
Total Public shareholding (B)	6,913,756	34.57
Total (A)+(B)	20,000,000	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	20,000,000	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Copper and Brass Strips and Foils.

Products :

Product Description	Item Code
Copper Semis	74091100 / 7410110
Brass Semis	74092100

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Non-ferrous metal Semis	MT	12000	12000	5440.80

GENERAL INFORMATION

No. of Employees :

110 (Approximately)

Bankers :

Punjab National Bank, International Banking Branch.

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Punjab National Bank
Term Loan Secured by way of equitable mortgage / hypothecation of land, plant, buildings and machinery and others fixed assets of the Company. (Due within one year of Rs. 29.800 Millions)	122.470	144.860
Working Capital Limits Secured by way of hypothecation charge on entire current assets i.e. raw materials, finished goods, semi finished goods, stores and book debts.	571.018	150.465
Short Term Loan Secured by way of hypothecation charge on entire fixed and current assets i.e. raw materials, finished goods, semi finished goods, stores and book debts	0.000	151.593
Vehicle Loan Against Hypothecation of Vehicles	1.910	2.852
Total	695.398	449.770

Banking Relations :	--
Auditors :
Name :	Shwetank Joshi and Company Chartered Accountants
Address :	66, Ezra Street, Kolkata-700 001, West Bengal, India
Related Parties :	· Medsave Healthcare (TPA) Limited · Sidhant Distributors Private Limited · Vasudha Commercial Private Limited · Jeevan Vihar Properties Private Limited · Arcotech Info Private Limited · Sarathi Infrastructure Private Limited · Arcotech Biochem Limited · Arcotech Uniexpat Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		391.631	249.915	173.166
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		591.631	449.915	373.166
LOAN FUNDS
1] Secured Loans		695.398	449.770	82.999
2] Unsecured Loans		2.394	2.393	3.293
TOTAL BORROWING		697.792	452.163	86.292
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1289.423	902.078	459.458
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		412.627	323.141	137.329
Capital work-in-progress		15.230	41.680	24.423
INVESTMENT		0.000	0.000	15.500
DEFERREX TAX ASSETS		17.360	91.196	130.254
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	474.807	243.715	107.483
	Sundry Debtors	645.801	243.900	48.883
	Cash & Bank Balances	25.426	10.225	4.328
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.155	39.056	56.375
Total Current Assets		1170.189	536.896	217.069
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	324.011	89.384	64.737
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.972	1.451	0.380
Total Current Liabilities		325.983	90.835	65.117
Net Current Assets		844.206	446.061	151.952
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1289.423	902.078	459.458

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2022.396	930.950	462.610
		Other Income	3.381	0.674	5.766
		TOTAL (A)	2025.777	931.624	468.376
Less	EXPENSES
		Raw Material Consumed	1702.237	759.863	400.787
		Stores and Packing Material Consumed	25.345	9.958	1.940
		Personnel Expenses	40.356	26.301	13.759
		Other Expenses	45.545	60.575	24.796
		Power and Fuel	49.615	28.402	16.937
		Increase/ Decrease in Stocks	(171.590)	(118.085)	(20.427)
		TOTAL (B)	1691.508	767.014	437.792
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		334.269	164.610	30.584
Less	FINANCIAL EXPENSES (D)		101.546	38.852	11.303
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		232.723	125.758	19.281
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.171	9.951	7.086
	PROFIT BEFORE TAX (E-F) (G)		215.552	115.807	12.195
Less	TAX (H)		73.836	39.058	(38.606)
	PROFIT AFTER TAX (G-H) (I)		141.716	76.749	50.801
	BALANCE CARRIED TO THE B/S		141.716	76.749	50.801
	IMPORTS
		Raw Materials	35.610	9.185	0.000
		Components and Spare Parts	0.996	0.000	0.000
		Capital Goods	0.000	7.295	0.000
	TOTAL IMPORTS		36.606	16.480	0.000
	Earnings Per Share (Rs.)		7.09	3.84	--

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	512.380	531.110	683.740
Total Expenditure	434.040	457.480	584.880
PBIDT (Excl OI)	78.340	73.630	98.860
Other Income	0.440	1.380	0.940
Operating Profit	78.780	75.010	99.800
Interest	28.460	29.480	39.160
Exceptional Items	0.000	0.000	0.000
PBDT	50.320	45.530	60.640
Depreciation	5.220	5.640	6.060
Profit Before Tax	45.100	39.890	54.580
Tax	14.640	12.950	15.890
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	30.460	26.950	38.690
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	30.460	26.950	38.690

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.00	8.23	10.85
Net Profit Margin (PBT/Sales)	(%)	10.66	12.44	2.64
Return on Total Assets (PBT/Total Assets}	(%)	13.47	13.47	3.44
Return on Investment (ROI) (PBT/Networth)		0.36	0.26	0.03
Debt Equity Ratio (Total Liability/Networth)		1.73	1.21	0.41
Current Ratio (Current Asset/Current Liability)		3.59	5.91	3.33

LOCAL AGENCY FURTHER INFORMATION

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	Yes
8. No. of Employees	Yes
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	No

BUSINESS AND OPERATIONS REVIEW

The financial year 2010-11 has proved to be a very fruitful year for the Company when we achieved new heights of success and growth. The strategy of the Company to maintain the growth momentum by way of increasing its production capabilities along with stabilizing itself through expanding its customer base has reaped good results for the Company. During the year, the Company has diversified geographically and has established itself in the market segments situated in southern and western part of India which has huge potential. Simultaneously, they have added up various new customers of international repute spread across various industrial segments such as

detonators, electronics and terminals in their client list.

With the help of expanding the product mix, they have been able to cater to the varied needs of different industries. In its endeavor for the adherence to the quality standards, the Company has achieved another important quality certificate TS 16949:2004 in addition to the ISO 9001:2008 and ISO 14001:2004. The TS 16949 is a prestigious certification mandatorily required for penetrating into international automobile sector customers.

In a major thrust to its marketing strategy, they have successfully bagged prestigious orders from ordnance factories of Government of India. This is also benefitting the Company to fulfill its goal to diversify its market base and to minimize the dependence over a particular industrial segment. In view of the strong economic indicators and demand forecasts, they are confident of achieving better results in the coming year.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Scenario and Future Challenges

They expect healthy rising trend for the demand of their product in line with the growth rate of their economy. The Company plans to further widen its product mix and to go for forward integration as well so as to cater to the needs of different industry segments.

Human Resources / Industrial Relations

The growth pattern of Arcotech itself suggest that it is the hard work, commitment, discipline and dedication of it employees which act as critical differentiator from competitions. They thank all their employees for their sheer dedication which has enabled them to accomplish their customer commitment and commitment towards all stakeholders. Arcotech continuously validate its key employee data with industry and peer group business.

Adequacy of Internal Controls

The company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and that all transactions are authorized, recorded,

and reported correctly.

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2011

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2011 (Unaudited)	31.12.2010 (Unaudited)	31.12.2011 (Unaudited)
1.	Net Sales/Income from Operations	683.742	583.169	1727.230
2.	Expenditure
	a) (Increase) / Decrease in Stock in Trade	(89.322)	13.307	(205.057)
	b) Consumption of Raw Materials	624.462	426.923	1546.724
	c) Employees Cost	15.105	11.944	38.453
	d) Depreciation	6.058	4.535	16.917
	e) Other Expenditure	15.573	18.447	46.752
	f) Power and Fuel	19.067	13.350	49.524
	g) Total	590.943	488.506	1493.314
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	92.799	94.663	233.916
4.	Other Income	0.938	0.364	2.757
5.	Profit Before Interest and Exceptional Items (3+4)	93.737	95.027	236.674
6.	Interest	39.158	30.003	97.103
7.	Profit After Interest but before Exceptional Items (5-6)	54.578	65.024	139.570
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	54.578	65.024	139.570
10.	Tax Expense	15.886	27.241	43.466
11.	Net Profit from Ordinary Activities after Tax (9-10)	38.692	37.783	96.104
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	38.692	37.783	96.104
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	200.000	200.000	200.000
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised	1.93	1.89	4.81
17.	Public Shareholding
	-Number of Shares	6913756	7610890	6913756
	- Percentage of Shareholding	34.57	38.05	34.57
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	13086244	12389110	13086244
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00%	100.00%	100.00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	65.43	61.95	65.43

NOTES:

1. The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at their Meeting held on 25^th January, 2012.

2. There were no Complaints pending from Investors at the beginning and at the end of the Quarter ended 31^st December, 2011.

3. Previous period figures have been regrouped to confirm to the Current period classification.

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is an India-based company. The Company is engaged in manufacturing thin foils, narrow width strips and cross-linked polyethylene (XLPE) cable tapes. The Company also focuses on developing products, such as phosphorous bronze, and cupro nickel and nickel silver. During the fiscal year ended March 31, 2010, the Company produced 3050.39 metric tons of non-ferrous metal semis and had installed capacity to produce 12,000 metric tons per annum. The Company’s products include ETP Grade Copper, DHP Grade Copper, Tin Bearing Copper, Silver Bearing Copper, Brass 90/10-Cu Zn-10, Brass 70/30-Cu Zn-30, Brass 63/37-Cu Zn-37, Brass 60/40-Cu Zn-40, Leaded Brass, Nickel silver, Phosphor bronze, Cupro-nickel and Aluminium bronze. For the three months ended 30 June 2011, Subject revenues increased 63% to INR512.8M. Net income increased 1% to INR30.5M. Revenues reflect increased turnover from the operation of the company due to higher demand for the company's product and services. Net income was partially offset by increased excise duty, higher consumption of Raw materials, increased cost of power and fuel and higher depreciation cost.

MANAGEMENT

ARVIND KUMAR SARAF – NON-EXECUTIVE NON- INDEPENDENT CHAIRMAN OF THE BOARD- CHAIRMAN

Shri. Arvind Kumar Saraf is Non-Executive Non- Independent Chairman of the Board of Arcotech Limited. He has Management experience. He holds B.Com. His Directorship in other Companies includes: Medsave HealthCare (TPA) Limited, Arcotech Biochem Limited, Arcotech Uniexpat Limited.

GAUTAM KHAITAN - NON-EXECUTIVE INDEPENDENT DIRECTOR

Education

· JD, University of Delhi

RADHA NATH PATTANAYAK - WHOLE TIME DIRECTOR

Shri. Radha Nath Pattanayak is Whole time Director of Arcotech Limited. He is an M.Com, MBA from Pune University and is having an experience of about 26 years in the marketing of non-ferrous products.

Education

· MBA, University of Pune

· M, University of Pune

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. 52.68
UK Pound	1	Rs. 85.12
Euro	1	Rs. 69.38

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

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	YES
--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.