MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	LAXMI AGRO INDUSTRIAL CONSULTANTS AND EXPORTERS LIMITED
Registered Office :	Rahul Apartments, 24/24, Ansari Road, Darya Gunj, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.01.1977
Com. Reg. No.:	55-052018
Capital Investment/ Paid-up Capital:	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U74899DL1977PLC052018
TAN No.: [Tax Deduction & Collection Account No.]	DELL02168F
PAN No.: [Permanent Account No.]	AAACL0471B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals
No. of Employees:	Not Available

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 582000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Rahul Apartments, 24/24, Ansari Road, Darya Gunj, New Delhi – 110002, India
Tel. No.:	91-11-23279988 / 23279022
Mobile No.:	91-9312656186 (Mr. Shiv Gupta)
Fax No.:	91-11-23267919
E-Mail :	skaccounts@skgroup.org
Factory 1 :	D-15, Industrial Area, Malwan, District Fatehpur – 212664, Uttar Pradesh.
Factory 2:	H1, Industrial Area, UPSIDC, Sikandrabad, District, Bulandshahar, Uttar Pradesh
Factory 3 :	Survey No. 153/3, Village Padana, Gandhidham, District Kutch – 370240, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Sushil Kumar Gupta

Designation :

Managing Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

21.01.1950

Qualification :

B.Tech (Mechanical)

Date of Appointment :

27.08.1993

Din No.:

00154974

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC017582	S.K.FLOUR MILLS PRIVATE LIMITED	Director	22/02/1984	22/02/1984	-	Active	NO
2	U74899DL1984PTC018544	S K AND COMPANY PRIVATE LIMITED	Managing director	28/06/1984	28/06/1984	-	Active	NO
3	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Managing director	01/04/2012	27/08/1993	-	Active	NO
4	U24231DL1997PTC086898	SHRI LAXMI SURFACTANTS Private Limited	Director	28/04/1997	28/04/1997	-	Active	NO

Name :

Mr. Shiv Gupta

Designation :

Whole Time Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

20.03.1983

Qualification :

B.Tech (Mechanical)

Date of Appointment :

09.12.2006

Din No.:

00509493

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1979PTC010005	AJS CONTAINERS PVT LTD	Director	25/08/2006	25/08/2006	-	Active	NO
2	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Whole-time director	01/03/2011	09/12/2006	-	Active	NO
3	U24231DL1997PTC086898	SHRI LAXMI SURFACTANTS Private Limited	Director	30/09/2010	10/08/2010	-	Active	NO

Name :

Mrs. Vidula Gupta

Designation :

Joint Managing Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

07.12.1954

Qualification :

Post Graduate

Date of Appointment :

12.08.1986

Din No.:

00226521

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1979PTC010005	AJS CONTAINERS PVT LTD	Director	23/11/1979	23/11/1979	-	Active	NO
2	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Managing director	01/11/2010	12/08/1986	-	Active	NO

Name :

Mrs. Gigi Gupta W/o. Late Shri S. P. Gupta

Designation :

Director

Address :

Rahul Apartments, 24/24, Ansari Road, Daryaganj, New Delhi-110002, Delhi, India

Date of Birth/Age :

19.01.1929

Qualification :

Metric

Date of Appointment :

20.12.1990

Din No.:

00227892

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1979PTC010005	AJS CONTAINERS PVT LTD	Director	23/11/1979	23/11/1979	-	Active	NO
2	U74899DL1984PTC017582	S.K.FLOUR MILLS PRIVATE LIMITED	Director	22/02/1984	22/02/1984	-	Active	NO
3	U74899DL1984PTC018544	S K AND COMPANY PRIVATE LIMITED	Director	28/06/1984	28/06/1984	-	Active	NO
4	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Director	20/12/1990	20/12/1990	-	Active	NO

Name :

Mrs. Lila Dhar Chopra

Designation :

Director

Address :

W-10, Sector -12, Noida, Gautambuddh Nagar, Uttar Pradesh

Date of Birth/Age :

10.11.1925

Qualification :

Metric

Date of Appointment :

26.09.2008

Din No.:

00160875

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231DL1997PTC086898	SHRI LAXMI SURFACTANTS Private Limited	Director	28/04/1997	28/04/1997	-	Active	NO
2	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Director	26/09/2008	01/10/2007	-	Active	NO

Name :

Mr. Naresh Kumar Bagla

Designation :

Whole Time Director

Qualification :

Cost Accountant

Date of Appointment :

09.12.2006

Din No.:

00195739

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Whole-time director	01/11/2010	09/12/2006	-	Active	NO

Name :

Mr. Vijay Kumar Walia

Designation :

Director

Address :

MS-3/602, Kendriya Vihar, Sector -56, Gurgaon, Haryana

Date of Birth/Age :

21.10.1941

Qualification :

Graduate

Date of Appointment :

06.03.2009

Din No.:

02140271

Name :

Mr. Lalit Kumar Sharma S/o Medhini Dhar Sharma

Designation :

Director

Address :

2167 3^rd, Sector-D, Pocket-2, Vasant Kunj, New Delhi -110030, Delhi, India

Date of Birth/Age :

15.04.1946

Qualification :

B.Sc, PGDMSM

Date of Appointment :

06.03.2009

Din No.:

02140291

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1977PLC052018	LAXMI AGRO INDUSTRIAL CONSULTANTS & EXPORTERS LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
2	U24116DL1998PTC095912	SHIV PETRO PRODUCTS PRIVATE LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rekha Aggarwal	250
Anita Gupta	405
Vidhula Gupta	3200
Radhey Shyam Aggarwal	50
Sushil Kumar Gupta	9295
Sushil Gupta (HUF)	520
Shiv Gupta	11085
L. D. Chopra	50
Rakesh Sharma	75
Subodh Kumar	65
N. K. Bagle	5
Total	25000

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals

Products :

Item Code Number	Product Description
3402	SULPHONIC ACID

PRODUCTION STATUS 31.03.2011

Particulars	Unit	Actual Production
Sulphonic Acid		22117.840
Spent Acid		32126.575

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· HDFC Bank Limited, HDFC Bank Housesnapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Loans taken for vehicles secured	1.404	9.688

UNSECURED LOAN	31.03.2011	31.03.2010
Working capital loans others unsecured	0.150	0.150
Loans directors unsecured	1.334	2.423
Total	1.484	2.573

Banking Relations :	--
Auditors :
Name :	Lalit Gupta and Associates Chartered Accountants
Address :	412, Arunachal Building, 19, Barashamba Road, Connaught Place, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-23717400/237188900
Pan No.:	AAAFL5833E
Associate Firm/Company:	· Laxmi Transport Company · AJS Containers Private Limited

CAPITAL STRUCTURE

As on.30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Share	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Share	Rs.100/- each	Rs. 2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		143.086	109.757	88.361
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		145.586	112.257	90.861
LOAN FUNDS
1] Secured Loans		1.404	9.688	12.316
2] Unsecured Loans		1.484	2.573	5.884
TOTAL BORROWING		2.888	12.261	18.200
DEFERRED TAX LIABILITIES		0.211	0.271	0.717
TOTAL		148.685	124.789	109.778
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.549	31.316	34.511
Capital work-in-progress		9.289	0.000	0.000
INVESTMENT		0.697	0.007	0.007
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.818	17.052	13.934
	Sundry Debtors	83.839	68.641	60.083
	Cash & Bank Balances	26.303	22.866	21.083
	Other Current Assets	0.000	0.0000	0.000
	Loans & Advances	32.283	17.561	23.342
Total Current Assets		189.243	126.120	118.442
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.445	19.867	16.323
	Other Current Liabilities	2.337	2.224	4.402
	Provisions	17.311	10.563	22.457
Total Current Liabilities		74.093	32.654	43.182
Net Current Assets		115.150	93.466	75.260
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		148.685	124.789	109.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1369.975	1311.259	1273.508
		Processing Charges	0.000	0.000	138.479
		Other Income	5.873	5.037	2.220
		TOTAL (A)	1375.848	1316.296	1414.207
Less	EXPENSES
		Consumption materials changes inventories	1293.011	1252.886	1307.125
		Manufacturing service costs	5.015	4.592	4.606
		Employee related expenses	6.792	4.208	4.014
		Administrative selling other expenses	14.477	13.477	15.148
		TOTAL (B)	1319.295	1275.163	1330.893
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.553	41.133	83.214
Less	FINANCIAL EXPENSES (D)		1.299	2.106	6.950
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.254	39.027	76.264
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.674	7.516	6.543
	PROFIT BEFORE TAX (E-F) (G)		50.580	31.511	69.721
Less	TAX (H)		17.251	10.116	22.722
	PROFIT AFTER TAX (G-H) (I)		33.329	21.395	46.999
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.674	88.279	41.279
	BALANCE CARRIED TO THE B/S		143.003	109.674	88.278
	EARNINGS IN FOREIGN CURRENCY		35.437	0.000	0.000
	Earnings Per Share (Rs.)		1333	856	1879.96

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.42	1.63	3.32
Net Profit Margin (PBT/Sales)	(%)	3.69	2.40	5.47
Return on Total Assets (PBT/Total Assets}	(%)	23.77	20.40	45.58
Return on Investment (ROI) (PBT/Networth)		0.34	0.28	0.76
Debt Equity Ratio (Total Liability/Networth)		0.53	0.40	0.67
Current Ratio (Current Asset/Current Liability)		2.55	3.86	2.74

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FINANCIAL RESULTS

Profit before depreciation, Taxation and Deferred Tax Rs.55.254 Millions Depreciation Rs.4.674 Millions Provision for Taxation & Deferred Tax Rs.17.251 Millions Profit after depreciation and Taxation Rs.33.329 Millions

OPERATIONS:

The sales in the year have increased by Rs.41.875 Millions from Rs.1272.401 Millions in 2009-2010 to Rs.1314.276 Millions. The company has also started exporting LABSA during the year. The export turnover during the year was Rs.35.4.7 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1977PLC052018
Name of the company	LAXMI AGRO INDUSTRIAL CONSULTANTS AND EXPORTER LIMITED
Address of the registered office or of the principal place of business in India of the company	Rahul Apartments, 24/24, Ansari Road, Darya Gunj, New Delhi – 110002, India Email: skaccounts@skgroup.org
This form is for	Creation of charge
Type of charge	· Book Debts · Immovable property · Others
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email: dimple.kumar@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 28.02.2011 and Mortgage Declaration dated 28.02.2011
Date of instrument Creating the charge	28.02.2011
Amount secured by the charge	Rs. 210.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : I-Base and "spread" per annum, subject to minimum rate of I-Base+3.75% p.a., plus applicable interest tax or other statutory levy, if any,. As on date the I-Base is 8.25% and spread is 3.75% Terms of Repayment : On demand Margin : Uniform margin of 25% against all components of inventory and book debts. Extent and Operation of the charge : 12 months.
Short particulars of the property charged	Exclusive charges by way of equitable mortgage of industrial land & building located at No.282, Udyog Vihar, Phase-II, Dundahera, Gurgaon (Haryana) measuring 2100 Sq.meters First charge by way of hypothecation of the company's entire stocks, book debts, consumable stores and spares First charge on movable fixed assets, both present & future except for those which are exclusively financed by other lenders.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture, Fixture and Equipments
• Vehicle

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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] 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.55.99
UK Pound	1	Rs.87.55
Euro	1	Rs.68.69

INFORMATION DETAILS

Report Prepared by :

BYI

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	YES
--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.