MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Name :	SRI BHAGIRATH TEXTILES LIMITED [w.e.f. 28.01.1997]
Formerly Known As :	BHAGIRATH TEXTILES INDUSTRIES PRIVATE LIMITED
Registered Office :	Sarvoday Cloth Market, Gandhi Bagh, Nagpur – 440002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.1991
Com. Reg. No.:	11-060542
Capital Investment / Paid-up Capital :	Rs.65.200 Millions
CIN No.: [Company Identification No.]	U17100MH1991PLC060542
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Polyester Viscose Yarn and Cotton Bales.
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 928000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company performance capacity seems to be appearing. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and condition.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A3 [Short Term]
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation.
Date	March 2012

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 :	Sarvoday Cloth Market, Gandhi Bagh, Nagpur – 440002, Maharashtra, India
Tel. No.:	91-712-2769035 / 2777206
Fax No.:	91-712-2765845
E-Mail :	sggandhi_co@yahoo.co.in info@sbtlgroup.com
Factory :	Village Mohali, Tah. Kalmeshwar, Nagpur – 441502, Maharashtra, India
Tel. No.:	91-7118-233502
Fax No.:	91-7118-233505
E-Mail :	bhagirathmill@sbtlgroup.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ramesh Bhagirath Rander

Designation :

Managing Director

Address :

Sarvodaya Cloth Market, Gandhibag, Nagpur-440002, Maharashtra, India

Date of Birth/Age :

17.12.1961

Date of Appointment :

27.02.1991

Din No.:

00290726

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	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Managing director	27/02/1991	27/02/1991	-	Active	NO
2	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Managing director	07/10/1996	07/10/1996	-	Active	NO
3	U65999MH1997PTC106249	SRI BHAGIRATH COTTON COMPANY PRIVATE LIMITED	Director	28/02/1997	28/02/1997	-	Active	NO
4	U14102TZ1988PTC002162	SRI MAHESHWARY GRANITES PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
5	U45200MH2004PTC146408	ANJANEYA CONSTRUCTION PRIVATE LIMITED	Director	25/07/2005	25/07/2005	10/02/2009	Active	NO
6	U45203MH2003PTC140181	ANUKAVI CONSTRUCTIONS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
7	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Additional director	17/01/2007	17/01/2007	22/10/2008	Active	NO
8	U45203MH2007PTC172575	MULTIURBAN INFRA SERVICES PRIVATE LIMITED	Director	24/07/2007	24/07/2007	06/02/2009	Active	NO
9	U45208TZ2006PTC012464	THE GREAT INDIAN LINEN AND TEXTILE INFRASTRUCTURE COMPANY PRIVATE LIMITED	Nominee director	29/09/2007	29/09/2007	15/12/2009	Active	NO
10	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Managing director	15/07/2008	03/07/2008	-	Active	NO

Name :

Mr. Madhusudan Bhagirath Rander

Designation :

Director

Address :

111/112, Shastri Nagar, Chittorgarh, Rajasthan, India

Date of Birth/Age :

12.09.1958

Date of Appointment :

01.07.1995

Din No.:

00571513

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	Company/ LLP Status	Defaulting status
1	U14101RJ1984PTC002981	MAHESHWARI MARBLES PRIVATE LIMITED	Director	06/04/1992	06/04/1992	Active	NO
2	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	01/07/1995	01/07/1995	Active	NO
3	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	07/10/1996	07/10/1996	Active	NO
4	U14101RJ2002PTC017755	MAHESHWARI MARMO PRIVATE LIMITED	Director	05/08/2002	05/08/2002	Active	NO
5	U70101RJ2010PTC032478	HARMONY ARCADES PRIVATE LIMITED	Director	29/07/2010	29/07/2010	Active	NO

Name :

Mr. Shreegopal Bhagirath Maheshwary

Designation :

Director

Address :

115/ Bashyakaralu Road, West R.S. Puram, Coimbatore, Tamilnadu, India

Date of Birth/Age :

09.09.1948

Date of Appointment :

01.07.1995

Din No.:

00571432

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	Company/ LLP Status	Defaulting status
1	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	01/07/1995	01/07/1995	Active	NO
2	U67120TZ1997PTC007770	SGMR SECURITIES PRIVATE LIMITED	Director	29/05/1998	29/05/1998	Active	NO
3	U14102TZ1988PTC002162	SRI MAHESHWARY GRANITES PRIVATE LIMITED	Managing director	28/03/2001	28/03/2001	Active	NO

Name :

Mr. Anurag Shreegopal Maheshwary

Designation :

director

Address :

115/ Bashyakaralu Road, West R.S. Puram, Coimbatore, Tamilnadu, India

Date of Birth/Age :

22.02.1974

Date of Appointment :

30.09.1996

Din No.:

00571457

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	Company/ LLP Status	Defaulting status
1	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	30/09/1996	30/09/1996	Active	NO
2	U67120TZ1997PTC007770	SGMR SECURITIES PRIVATE LIMITED	Director	29/05/1998	29/05/1998	Active	NO
3	U14102TZ1988PTC002162	SRI MAHESHWARY GRANITES PRIVATE LIMITED	Director	31/03/2001	31/03/2001	Active	NO

Name :

Mr. Praveen Madhusudan Rander

Designation :

Director

Address :

Sarvodaya Cloth Market, Gandhibag, Nagpur-440002, Maharashtra, India

Date of Birth/Age :

29.05.1983

Date of Appointment :

06.11.2007

Din No.:

00577879

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	U45200MH2006PTC161413	NIRMITIGAURAV INFRASTRUCTURE PRIVATE LIMITED	Director	27/04/2006	27/04/2006	14/01/2009	Active	NO
2	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
3	U17121GJ2007PTC051184	ALLIANCE TEXTILES PRIVATE LIMITED	Director	10/11/2007	10/11/2007	-	Active	NO
4	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	26/11/2007	26/11/2007	-	Active	NO
5	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ramesh Bhagirath Rander	565000
Madhusudan Bhagirath Rander	530000
Bhagirath R. Rander HUF	228500
Anurag Shreegopal Maheshwary	547500
Anurag Shreegopal Maheshwary	180000
Bhagirath R. Rander HUF	40000
Navin Madhusudan Rander	132000
Kavita B Shah	3000
Shrigopal B Rander	200000
Srikanta S Rander	410000
Shrigopal B Rander HUF	40000
Madhusudan B Rander HUF	80000
Praveen Madhusudan Rander	334500
Ushadevi M Rander	150000
Ramesh B Rander HUF	550000
Saroj R Rander	587500
Rohit Ramesh Rander	597000
Bharti A Rander	200000
Shrigopal Rameshkumar Sales Private Limited, India	500000
Pooja Praveen Rander	345000
Sri Bhagirath Cotton Company Private Limited, India	300000
TOTAL	6520000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	12.27
Directors or relatives of directors	87.73
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Polyester Viscose Yarn and Cotton Bales.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Industrial Finance Bank, S. Sai Complex, Amravati Road, Bharat Nagar, Nagpur – 440033, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	110.853	133.625
Working capital loans	501.729	185.905
TOTAL	612.582	319.530
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans others	141.827	103.911
Loans directors	14.272	107.471
TOTAL	156.099	211.382

Banking Relations :	--
Auditors :
Name :	C. L. Nathani and Company Chartered Accountants
Address :	2^nd Floor, Sadoday Complex, Near Darodkar Chowk, C.A. Road, Nagpur-440002, Maharashtra, India
PAN No:	AAQPN4444B

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6520000	Equity Shares	Rs.10/- each	Rs.65.200 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		65.200	65.200	65.200
2] Share Application Money		29.500	0.000	0.000
3] Reserves & Surplus		137.359	78.602	32.372
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		232.059	143.802	97.572
LOAN FUNDS
1] Secured Loans		612.582	319.530	332.644
2] Unsecured Loans		156.099	211.382	169.654
TOTAL BORROWING		768.681	530.912	502.298
DEFERRED TAX LIABILITIES		35.416	36.043	39.241
TOTAL		1036.156	710.757	639.111
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		333.200	351.666	396.083
Capital work-in-progress		17.502	5.602	4.083
INVESTMENT		0.002	0.007	0.007
DEFERREX TAX ASSETS		0.000	21.858	21.857
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	547.105	120.366	87.377
	Sundry Debtors	260.041	300.300	132.138
	Cash & Bank Balances	4.937	13.787	6.309
	Other Current Assets	2.392	5.720	4.753
	Loans & Advances	114.790	79.873	50.460
Total Current Assets		929.265	520.046	281.037
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	226.536	184.886	63.371
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	17.277	3.536	0.585
Total Current Liabilities		243.813	188.422	63.956
Net Current Assets		685.452	331.624	217.081
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1036.156	710.757	639.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2428.905	1724.986	1024.732
		Other Income	17.584	32.593	41.408
		TOTAL (A)	2446.489	1757.579	1066.140
Less	EXPENSES
		Consumption materials changes inventories	2108.003	1455.339
		Manufacturing service costs	97.518	92.491	1087.116
		Employee related expenses	30.881	27.081
		Administrative selling other expenses	29.731	37.878
		TOTAL (B)	2266.133	1612.789	1087.116
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		180.356	144.790	(20.976)
Less	FINANCIAL EXPENSES (D)		52.586	50.948	46.956
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		127.770	93.842	(67.932)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		46.733	47.717	27.763
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		81.037	46.125	(95.695)
Less	TAX (H)		22.280	(0.105)	(9.067)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		58.757	46.230	(86.628)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.802	(14.428)	72.202
Add/ Less	EARLIER YEAR FBT		0.000	0.000	(0.002)
	BALANCE CARRIED TO THE B/S		90.559	31.802	(14.428)
	Earnings / (Loss) Per Share (Rs.)		9.01	7.09	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.40	2.63	(8.13)
Net Profit Margin (PBT/Sales)	(%)	3.34	2.67	(9.34)
Return on Total Assets (PBT/Total Assets}	(%)	6.42	5.29	(14.13)
Return on Investment (ROI) (PBT/Networth)		0.35	0.32	(0.98)
Debt Equity Ratio (Total Liability/Networth)		4.36	5.00	5.80
Current Ratio (Current Asset/Current Liability)		3.81	2.76	4.39

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FUTURE OUTLOOK:

The directors are doing all out efforts to boost up the performance of the company on all fronts.

FIXED ASSETS:

• Land
• Factory Building
• Other Building
• Plant and Machinery
• Furniture and Fixtures
• Computers
• Vehicles
• Car
• Air Conditioner
• Testing Equipments

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 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 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.54.27
UK Pound	1	Rs.87.43
Euro	1	Rs.70.55

INFORMATION DETAILS

Report Prepared by :

TPT

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	NO
--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.