MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	KALYAN CONFECTIONERY PRIVATE LIMITED
Registered Office :	Sodepur, Barasat Road, Muragacha, P.O. Jugberia, 24 pgs (N), Kolkata-700110, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.09.1986
Com. Reg. No.:	21-041213
Capital Investment / Paid-up Capital :	Rs.10.074 Millions
CIN No.: [Company Identification No.]	U15432WB1986PTC041213
TAN No.: [Tax Deduction & Collection Account No.]	CALK02181E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Confectionery
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 86000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with same cautions.

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

INFORMATION PARTED BY

Name :	Mr. Abhijit Kundu
Designation :	Director
Contact No.:	91-9230526192
Date :	28.01.2012

LOCATIONS

Registered Office / Factory :	Sodepur, Barasat Road, Muragacha, P.O. Jugberia, 24 pgs (N), Kolkata-700110, West Bengal, India
Tel. No.:	91-33-25376091 / 62569885
Mobile No.:	91-9230526192 (Mr. Abhijit Kundu)
Fax No.:	91-3.3-25376633 / 25789969
E-Mail :	boyes@vsnl.net boyeskcpl@gamil.com
Corporate Office :	4/7/1, Jogendra Basak Road, Kolkata-700036, West Bengal, India
Tel. No.:	91-33-25780062 / 25788578
Fax No.:	91-33-25789969
E-Mail :	ensons@vsnl.net

DIRECTORS

As on 30.09.2011

Name :

Mrs Kanchan Kundu

Designation :

Director

Address :

4 / 8, Jogendra Basakroad, Kolkata- 700036, West Bengal, India

Date of Birth/Age :

17.04.1956

Date of Appointment :

02.09.1986

DIN No.:

00377065

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15432WB1986PTC041213	KALYAN CONFECTIONERY PRIVATE LIMITED	Director	2/9/1986	2/9/1986	-	Active	NO
2	U24134WB1997PTC082504	ENSONS PACKAGINNG & PRINTING PRIVATE LIMITED	Managing director	3/1/1997	3/1/1997	-	Dormant	NO
3	U74940WB1994PTC062232	DE CONVERTER INDIA PVT LTD	Director	7/9/2001	7/9/2001	-	Active	NO
4	U28910WB2002PTC094734	ETONE INDIA PRIVATE LIMITED	Director	11/6/2002	11/6/2002	-	Active	NO

Name :

Mr. Sushanta Kumar Kundu

Designation :

Director

Address :

4 / 8, Jogendra Basakroad, Kolkata- 700036, West Bengal, India

Date of Birth/Age :

21.12.1950

Date of Appointment :

01.04.2003

DIN No.:

00377035

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15432WB1986PTC041213	KALYAN CONFECTIONERY PRIVATE LIMITED	Director	1/4/2003	1/4/2003	-	Active	NO
2	U74940WB1994PTC062232	DE CONVERTER INDIA PRIVATE LIMITED	Director	30/09/2010	20/10/2009	-	Active	NO

Name :

Mr. Rajib Kundu

Designation :

Director

Address :

4 / 8, Jogendra Basakroad, Kolkata- 700036, West Bengal, India

Date of Birth/Age :

12.01.1976

Date of Appointment :

14.03.1996

DIN No.:

00288461

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74940WB1994PTC062232	DE CONVERTER INDIA PRIVATE LIMITED	Director	11/3/1994	11/3/1994	-	Active	NO
2	U15432WB1986PTC041213	KALYAN CONFECTIONERY PRIVATE LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
3	U15412WB2003PTC096221	BAKEFIELD FOOD PRODUCTS PRIVATE LIMITED	Director	19/05/2003	19/05/2003	-	Strike off	NO

Name :

Mr. Partha Sarathi Kundu

Designation :

Director

Address :

4 / 8, Jogendra Basakroad, Kolkata- 700036, West Bengal, India

Date of Birth/Age :

23.06.1947

Date of Appointment :

01.04.2003

DIN No.:

00282967

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209WB1986PTC041207	THE POLY PRINT COTTAGE INDUSTRIES PRIVATE LIMITED	Managing director	2/4/1987	2/4/1987	-	Active	NO
2	U15432WB1986PTC041213	KALYAN CONFECTIONERY PRIVATE LIMITED	Director	1/4/2003	1/4/2003	-	Active	NO

Name :

Mr. Abhijit Kundu

Designation :

Director

Address :

4 / 8, Jogendra Basakroad, Kolkata- 700036, West Bengal, India

Date of Birth/Age :

07.09.1982

Date of Appointment :

24.08.2009

DIN No.:

02790627

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74940WB1994PTC062232	DE CONVERTER INDIA PRIVATE LIMITED	Director	30/09/2009	24/08/2009	-	Active	NO
2	U15432WB1986PTC041213	KALYAN CONFECTIONERY PRIVATE LIMITED	Director	30/09/2009	24/08/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Partha Sarathi Kundu	12669
Sushanta Kumar Kundu	27646
Kalyan Kumar Kundu	8296
Kanchan Kundu	11413
Ranjana Kundu	9676
Dipti Kundu	3048
Dipa Kundu	1042
Ashis Das	800
Tripti Das	500
Ampi Enterprises, India	2000
Binapani Kumndu	2001
Rajib Kundu	4075
Sanchita Kundu	5569
Joyita Majumder	1071
Sandip Kundu	810
Abhijit Kundu	714
Mona Saha	952
Nandy Deepa	1976
Paras Nath Nandy	1405
Digen Talukder	310
Vimal Podder	2381
Prakash Tulsiyanch	2381
Total	100735

As on 30.09.2011

Equity Share Break up

Category	Percentage
Directors or relatives of Directors	87.93
Other top fifty shareholders	12.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Confectionery
Products :	Confectionery Items Candies, Toffees, Deposited Candy Deposited Toffee Eclairs Lolly Pops Formed Candies Formed Toffees
Exports :
Products :	Candy Toffee
Countries :	Nepal Bhutan
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS

As On 31.03.2010

Particulars	Unit	31.03.2010
Licensed Capacity	MT	N.A.
Installed Capacity	MT	3600
Actual Production	MT	1536

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

120 (Approximately)

Bankers :

• Bank of Baroda, Baranagar Branch, 312, Gopal Lal Tagore Road, Kolkata-700036, West Bengal. India
• Punjab National Bank, Kalighat Branch, India
• State Bank India, Cossipore Branch, India
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Cash Credit A/c. (00370500000020) (Hypothecation Agst. Stock and book Debt)	16.123	17.103
Tern Loan A/c. (TL-00370600000029) (Against Hypothecation of Machinery)	1.888	2.798
Term Loan A/C. (Tl-0370600000024) (Against Hypothecation of Machinery)	6.221	11.383
Term Loan A/C. (Tl-0370600000278) (Against Hypothecation of Machinery)	4.250	4.997
Total	28.482	36.281
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Ensons Marketing Private Limited	0.283	0.524
ICICI Bank Limited	0.223	0.029
Total	0.506	0.553

Banking Relations :	---
Auditors :
Name :	S.P. Chatterjee and Company Chartered Accountants
Address :	10, Old post Office Street, Kolkata-700001, West Bengal, India
PAN.:	AAMFF3042A

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80214	Equity Shares (Including 3725 Equity Shares issued at a premium of Rs.100.00 per Shares and witch has been accounted for under the head “Security Premium Account” )	Rs.100/- each	Rs.8.021 Millions
20521	20521 Equity Shares are allotted as fully paid up pursuant to a contract without payment has been received in cash		Rs.2.052 Millions
	Total		Rs.10.074 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		10.074	10.074	10.074
2] Share Application Money		7.681	7.274	7.088
3] Reserves & Surplus		7.060	7.060	7.060
4] (Accumulated Losses)		(3.159)	(6.512)	(7.699)
NETWORTH		21.656	17.896	16.523
LOAN FUNDS
1] Secured Loans		28.482	36.281	36.042
2] Unsecured Loans		0.506	0.553	0.328
TOTAL BORROWING		28.988	36.834	36.370
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.644	45.730	52.893
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.055	44.803	42.611
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.00	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.462	13.001	11.612
	Sundry Debtors	7.377	8.902	13.811
	Cash & Bank Balances	1.202	1.261	1.380
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.503	5.425	9.420
Total Current Assets		32.544	28.589	36.223
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.172	10.038	17.345
	Other Current Liabilities	8.658	8.196	8.299
	Provisions	1.125	0.428	0.367
Total Current Liabilities		22.955	18.662	25.941
Net Current Assets		9.589	9.927	10.282
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.644	54.730	52.893

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	136.129	111.355	98.575
		Other Income	1.310	1.338	0.581
		TOTAL (A)	137.439	112.693	99.156
Less	EXPENSES
		Office Expenses	119.873	99.638	89.091
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	119.873	99.638	89.091
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.566	13.055	10.065
Less	INTEREST AND FINANCIAL EXPENSES (D)		4.362	5.547	6.136
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.204	7.508	3.929
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.154	6.138	6.985
	PROFIT BEFORE TAX (E-F) (G)		4.050	1.370	(3.056)
Less	TAX (I)		0.697	0.183	0.054
	PROFIT AFTER TAX (G-I) (J)		3.353	1.187	(3.110)
	TOTAL IMPORTS		NA	Nil	261540
	Earnings Per Share (Rs.)		33.29	11.78	30.87

Particulars	31.03.2011 (Till Date)	31.03.2011
Sales Turnover (Approximately)	10.000	150.000

The above information has been parted by Mr. Abhijit Kundu

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.44	1.05	(3.14)
Net Profit Margin (PBT/Sales)	(%)	2.98	1.23	(3.10)
Return on Total Assets (PBT/Total Assets}	(%)	5.50	1.87	(0.04)
Return on Investment (ROI) (PBT/Networth)		0.19	0.08	(0.18)
Debt Equity Ratio (Total Liability/Networth)		2.40	3.10	3.77
Current Ratio (Current Asset/Current Liability)		1.14	1.53	1.40

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

Year in Retrospect:

The sales (Net of Taxes) for the financial year under review were Rs.136.100 Millions as against Rs.111.400 Millions for the previous year resulting in a upturn by approx 22%. Amidst steep rise in input cost, heavy absorption of deprecation and stiff competition from local markets the Computer has improved expansion of the market and the quantity sales have increased substantially. The geographical expansion of the area of sale coupled with deeper penetration in market at the grass root level through variance of product mix is the only way for future development. Some indigenously resourced machineries have been developed for modernization purposes. This has resulted in increased quantity production.

Form 8

Corporate identity number of the company	U15432WB1986PTC041213
Name of the company	KALYAN CONFECTIONERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sodepur, Barasat Road, Muragacha, P.O. Jugberia, 24 pgs (N), Kolkata-700110, West Bengal, India boyes@vsnl.net
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80037478
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Other (P and M, Stock and Other Fixed and Current Assets
Particular of charge holder	Bank of Baroda, Baranagar Branch, 312, Gopal Lal Tagore Road, Kolkata-700036, West Bengal. India barana@bankofbaroda.com
Nature of instrument creating charge	Supplemental Composite Agreement of Hypothecation of Good, Book-Debts, Movable Machinery and Vehicles
Date of instrument Creating the charge	10.09.2011
Amount secured by the charge	Rs.35.527 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The bank will charge interest and other charge as stipulated in the sanction terms, for CC and TL 5.50% over BR i.e. 16.25% p.a.w.m.r, however the same is subject to charge from time to time. Terms of Repayment The working capital limit (Cash Credit of Rs.15.000 millions and bank Guarantee of Rs1.000 Million ) shall be repayable on demand whereas the term loan of Rs.19.527 Millions (TL-1 ofRs.1.229 Millions, TL-II of Rs.0.840 Million, TL-III of Rs.2.958 Millions and TL-IV of Rs.14.500 Millions ) shall be repaid as per sanction terms. Margin The borrower shall maintain appropriate margin as stipulated in the sanction terms i.e. For CC :-25% in stock and book-debts upto 90 days For TL :-25% of Project Cost Extent and Operation of the Charge The Security created under Agreement shall operate a continuing security and way of first charge. The charge assets property be kept at the company risk and expense in good condition and fully insured against loss or damage by fire, lighting or explosion or theft and also against loss or damage by riot civil commotion etc. as may be required by the Bank in the joint name of the Banks and the Company. Other The Company hereby declares that all the charges property now existing are absolute property of and at the sole disposal of the Company and free from any prior charge of encumbrance and undertakes that all future property shall like wise be the unencumbered and absolute and absolute and disposable property of the Company Other terms and conditions are as per terms and conditions of above referred Agreement and Sanction Terms of the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The borrower Company hereby hypo. And charge a) All stocks of Row Materials, Work in Progressed, Finished Good such as pulses and stores and spares now being and lying in the Borrower’s Factory / Godown at sodepur Road, Muragacha, Post: Jugberi, Kolkata-711110 or any where else b) All the book- debts and receivable etc. and other current assets of the company. c) All movable / immovable Plant, Machinery cranes, Vehicles with spares, tools and accessories and other office equipment and Fixed Assets of the Company both present and future
Particulars of the present modification	By present modification the overall limit secured by charge ha been revised from Rs.39.766 Millions to Rs.35.527 Millions. The revised credit facilities CC - Rs.15.000 millions BG- Rs1.000 Million TL-1 of Rs.1.229 Millions (Outstanding Balance), TL-2 of Rs.0.840 Million (Outstanding Balance), TL-3 of Rs.2.958 Millions (Outstanding Balance) and TL-IV of Rs.14.500 Millions Other Terms and conditions save as modified above remained unchanged.

Fixed Assets;

• Land
• Building Work in Progress
• Building
• Machinery
• Machinery (CHIPS)
• Weighing Machine
• Electric Equipments
• Computer
• Exhaust Fan
• Fire Safety Equipments
• Air Conditioner
• Air Conditioner (Chips)
• Furniture
• Generator
• Type Writer
• Tools and Implements
• Cycle rickshaw Flat Van
• Container
• Electric Fan
• Fax Machine
• Die and Patern
• Laboratory Equipments
• Mobile Phone
• Trolly

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.48.12
UK Pound	1	Rs.77.31
Euro	1	Rs.64.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		28

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.