MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED
Registered Office :	Namaskar Building, 24 – A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.09.1981
Com. Reg. No.:	21-34151
Capital Investment / Paid-up Capital :	Rs.13.362 millions
CIN No.: [Company Identification No.]	U17232WB1981PTC034151
IEC No. :	0298003902
TAN No.: [Tax Deduction & Collection Account No.]	RCHC00043B
PAN No.: [Permanent Account No.]	AABCC2153J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Ropes made from Sisal, Jute, and Jute Yarn.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

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

INFORMATION PARTED BY

Name :	Mr. Siddharth Jhawar
Designation :	Director
Contact No.:	91-9234668881
Date:	03.01.2012

LOCATIONS

Registered Office :	Namaskar Building, 24 – A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal, India
Tel. No.:	91-33-24661654/ 24666607/ 24655005
Mobile No. :	91-9234668881 (Mr. Siddharth Jhawar)
Fax No.:	91-33-24644631/ 24754857/ 24661654 / 24644631
E-Mail :	crw/ranchi@dartmail.dartnet.com crwcores@hotmail.com corerope@dte.vsnl.net.in reh-corerope@sancharnet.in anuragjhawar@yahoo.com rch_corerope@bsnl.in rch_crwcores@bsnl.in anuragjhawar@yahoo.com
Website :	www.coreropes.com
Area :	800 sq. ft.
Location :	Rented
Factory 1 :	P. O. Mahilong, Ranchi – 835 103, Jharkhand, India
Tel. No.:	91-651-2265124 / 2265832
Fax No.:	91-651-2233475 / 2265421
E-Mail :	Rch_crwcores@bsnl.in crwcores@hotmail.com
Website :	http://www.coreropes.com
Area :	2250 sq. ft.
Location :	Owned
Corporate Office :	Village Arrah, Post Mahilong – 835103, Ranchi
Tel. No.:	91-651-2265832
Fax No.:	91-651-2233475
Area :	40000 sq. ft.
Location :	Owned
Branch Office :	C/O Pddar’s Premises, P.O.Mahilong – 835103, Ranchi, India
Area :	14840 sq. ft.
Location :	Rented

DIRECTORS

As on 30.09.2010

Name :

Mr. Siddharth Jhawar

Designation :

Chairman and Managing Director

Address :

2A, Shriniket, 14/9, Vasant Vihar, Kanke Road, Ranchi, Jharkhand, India

Mobile :

91-9431170124/9234668881

Date of Birth/Age :

19.11.1954

Qualification :

B. Com (Hns)

Date of Appointment :

24.09.1981

DIN :

00919664

 Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17232WB1981PTC034151	Chhotanagpur Rope Works Private Limited	Director	24-09-81	24-09-81	Active	NO
2	U51109WB1982PTC034614	Century Cordage Products Private Limited	Director	04-04-88	04-04-88	Active	NO

Name :

Mr. Anurag Jhawar

Designation :

Whole time Director

Address :

51/C, Gariahat Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.03.1958

Qualification :

B. Sc. (Hns)

Date of Appointment :

24.09.1981

DIN

00919656

 Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17232WB1981PTC034151	Chhotanagpur Rope Works Private Limited	Director	24-09-81	24-09-81	Active	NO
2	U51109WB1982PTC034614	Century Cordage Products Private Limited	Director	15-03-93	15-03-93	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2010

Names of Shareholders	No. of Shares
Siddharth Jhawar	55310
Vaijayanti Jhawar	10260
Anurag Jhawar	57790
Pallavi Jhawar	10260
Total	133620

As on 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Ropes made from Sisal, Jute, and Jute Yarn.
Products :	· Sisal and Manila Rope · Jute Rope · P.P. Rope · Hawsers · Cable-Laid · Shroud-Laid · Plain · Rot Proofed · Tarred · Tarred Marline Sisal And Manila Twines For Carpet and General Applications.
Exports :
Products :	Finished Goods
Countries :	· Japan · USA · Dubai · Australia
Imports :
Products :	· Raw Material · Finished Goods
Countries :	· Kenya · Tanzania · Brazil
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Jute, Sisal, Manila and P.P. Rope	MT	2952.00	2376.97

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

No. of Employees :

300 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, Mecon Campus, Doranda, Ranchi – 834002, Jharkhand

· ICICI Bank

· Standard Chartered Bank

· HSBC Bank

· Allahabad Bank

· HDFC Bank

Facilities :

Secured Loans (Rs. In Millions)	31.03.2010	31.03.2009
State Bank of India, Ranchi
C/C Stock A/c	11.836	10.472
C/C Bills A/C	0.000	0.000
Book Debts	6.070	6.069
EPC / PCFC / A/C	11.387	8.376
Foreign bill discounting	0.000	0.000
SBI(MT) Loan	14.022	17.702
SBI (Demo Loan)	1.009	6.048
S.B.I FBD	1.444	7.921
Term Loan from :
(Secured by personal guarantee of directors and hypothecation of assets created out of loan)
HDFC Bank, Kolkata	1.220	0.055
Standared Chartered Bank, Kolkata	0.269	0.902
HDFC Bank, Ranchi	(0.015)	1.238
ICICI Bank, Kolkata	0.065	0.163
ICICI Bank, Ranchi	0.000	0.094
Magma Leasing Limited	(0.004)	0.080
Total	47.303	59.120

Unsecured Loans (Rs. In Millions)	31.03.2010	31.03.2009
Creative Fiscal Services Limited	0.000	0.300 0.299
Rama Shankar Bagaria	0.500	0.487
Uma Bagaria	0.500	0.486
Total	1.000	1.273

Banking Relations :

Satisfactory

Auditors :

Name :

R. K. Garodia and Company

Chartered Accountants

Address :

202, Sai Apartment, Court Road, Ranchi – 834001, Jharkhand, India

Tel. No.:

91-651-2203343/ 4837

Fax No.:

91-651-2207744

PAN No.:

AADFR6274J

Associates/Subsidiaries :

· Chhotanagpur Lube Speciality, P. O. Mahilong, Ranchi – 835103, Jharkhand, India

Lines of Business : Manufacturer of Lubricants

· Chhotanagpur Poly Products, P. O. Mahilong, Rachi – 835103, Jharkhand, India

Line of Business : Manufacturer of P.P. Tape/ Films etc.

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133620	Equity Shares	Rs.100/- each	Rs.13.362 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		13.362	13.362	13.362
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.470	30.507	28.103
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.832	43.869	41.465
LOAN FUNDS
1] Secured Loans		51.363	47.303	59.120
2] Unsecured Loans		0.500	1.000	1.273
TOTAL BORROWING		51.863	48.303	60.393
DEFERRED TAX LIABILITIES		0.563	0.702	0.833
TOTAL		99.258	92.874	102.691
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.958	37.725	37.539
Capital work-in-progress		0.299	0.124	2.701
INVESTMENT		0.087	0.087	0.225
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.852	68.015	69.747
	Sundry Debtors	16.057	11.660	18.212
	Cash & Bank Balances	1.616	1.684	2.636
	Loans & Advances	22.834	0.000	0.000
	Other	0.000	14.971	22.718
Total Current Assets		102.359	96.330	113.313
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	39.445	4.400	5.156
	Sundry Creditors	0.000	34.613	43.301
	Provisions	0.000	2.379	2.630
Total Current Liabilities		39.445	41.392	51.087
Net Current Assets		62.914	54.938	62.226
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		99.258	92.874	102.691

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	193.532	175.143	184.347
		Other Income	26.037	20.872	15.831
		TOTAL (A)	219.569	196.015	200.178
Less	EXPENSES
		Increase/(Decrease) in Finished Goods	(0.613)	1.798	(4.089)
		Employee Cost	6.815	5.503	5.728
		Manufacturing Expenses	42.161	29.982	26.198
		Administrative and Other Expenses	15.644	14.820	12.259
		Raw Material Consumed	121.440	103.842	115.048
		Managerial Remuneration	1.320	1.320	1.080
		Selling Expenses	15.735	22.201	28.255
		TOTAL (B)	202.502	179.466	184.479
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.067	16.549	15.699
Less	FINANCIAL EXPENSES (D)		5.399	5.474	4.073
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.668	11.075	11.626
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.173	6.347	5.773
	PROFIT BEFORE TAX (E-F) (G)		5.495	4.728	5.853
Less	TAX (I)		1.753	1.543	2.027
	PROFIT AFTER TAX (G-I) (J)		3.742	3.185	3.826
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.585	9.182	6.137
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	0.668	0.668	0.668
		Tax on Dividend	0.111	0.114	0.113
	BALANCE CARRIED TO THE B/S		14.548	11.585	9.182
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	145.534	145.264
	TOTAL EARNINGS		NA	145.534	145.264
	Earnings Per Share (Rs.)		28.03	23.98	27.15

Expected Sales (2011-2012) : Rs.240.000 Millions

The above information has been parted by Mr. Siddharth Jhawar.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.70	1.62	1.91
Net Profit Margin (PBT/Sales)	(%)	2.83	2.70	3.17
Return on Total Assets (PBT/Total Assets}	(%)	3.97	3.53	3.88
Return on Investment (ROI) (PBT/Networth)		0.11	0.11	0.14
Debt Equity Ratio (Total Liability/Networth)		1.96	2.04	2.69
Current Ratio (Current Asset/Current Liability)		2.59	2.33	2.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
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 three years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
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, is available	--

AS ON 31.03.2010

OPERATIONAL REVIEW:

During the year the company has achieved satisfactory performance achieving its target and reported healthy growth considering the competitive pressures in the international market. The total export sales comprised 74.26% of the total turnover and also decreased by 0.5% from Rs.146.247 Millions for the previous year to Rs.145.534 millions for the current year. As a result of sustained efforts of the management, the company established its market in Japan, Australia, Turkey, Germany, USA, South America, Israel, Middle East and Thailand. Introduction of innovative products and strategy of sharper customer focus paved the way for the company to gain greater volumes in the market and generate growth in wider geographical areas.

As a part of its strategy to increases in the value – added segment, the company has created as special strategy to focus on such business opportunities and to create technical infrastructure and product offerings in the tune with the latest technology.

FUTURE PLANS:

The company hopes that its inbuilt strength and carefully drawn strategies will lead to optimum utilization of plant capacity, consistency in quality, process stability, new product development and expansion of export market and expects to register a significant growth in production and sale during the year to come. It is also planned to acquire business of chhotanagpur poly products and chhotanagpur lube specialties both are partnership firms located in ranchi whose products have close affirmative with the company’s product line and will create greater synergy in market place.

form 8:

Corporate identity number of the company	U17232WB1981PTC034151
Name of the company	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Namaskar Building, 24 – A Anil Roy Road, Ground Floor, Kolkata – 700029, West Bengal, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80032773
Type of charge	· Immovable Property · Book Debts · Movable Property · Others (Pledge of STDR of Rs. 0.930 million)
Particular of charge holder	State Bank of India, Commercial Branch, Mecon Campus, Doranda, Ranchi – 834002, Jharkhand
Nature of instrument creating charge	1. Letter of Arrangement 2. PDR B 3. Supplementary Agreement of Loan -cum- Hypothecation
Date of instrument Creating the charge	31.03.2010
Amount secured by the charge	Rs. 74.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate Of Interest: 1) Cash Credit: 0.25 Above SBAR Ie 11.75% + 0.25% =12.00% Pa 2) Term Loan: Same As 1 Above 3) Epc : 7.25% Pa 4) Pcfc : 6.50 % Pa 4) Fbd : 7.5o% Pa 5) Stand By Line Of Credit : 11.75 % Pa Terms Of Repayment: 1) Cash Credit: Repayable On Demand , Facility Sanctioned For 3 Month From 30/03/2010, Subject To Review Every 12 Month. 2) Tl (1.16cr) : In 60 Emi, Starting - July 08 and Ending - June 13 Emi : 1 To 24 = 1.63 X 24 = 3.912 Millions Emi : 25 To 59 = 2.13 X 35 = 7.455 Millions, 60th Emi = 0.233 Millions 3) Tl (1.00cr) : In 60 Emi, Starting - Oct 07 and Ending - Sept 12 Emi : 1 To 24 = 1.40 X 24 = 3.360 Millions Emi : 25 To 59 = 1.84 X 35 = 6.440 Millions, 60th Emi = 0.200 Millions Margin: A) Fund Based: 1) Raw Material (Local) , Wip, Finished Goods, Domestic Receivable -25% 2) Components, Consumables/Spares - 40% 3 Export Packing Credit - 10% B) Non Fund Based: 1) Letter Of Credit - 10% 2) Bank Guarantee - 10 Extent And Operation Of The Charge: 1st Charge On Stocks and Receivables Hypothecation Of Entire Stocks Of Raw Material, Semi Finished Goods, Finished Goods, Components, Consumables And Spares, And Receivables, Equitable Mortgage Of Factory Land and Building Located At Village Arrah (Mahilong), P.S. Namkim, Dist: Ranchi Others: Pledge Of Stdr Of Rs. 0.930 Millions Assignment Of Lic Policies 3rd Party Guarantee Of Mr Siddharth Jhawar and Anurag Jhawar
Short particulars of the property charged (Including location of the property)	Equitable Mortgage Of Factory Land and Building Located At Village Arrah (Mahilong), P.S. Namkim, Dist: Ranchi Hypothecation Of Entire Stocks Of Raw Material, Semi Finished Goods, Finished Goods, Components, Consumables And Spares At Above Factory Premises
Date of instrument modifying the charge	26.02.2009
Particulars of the present modification	The Present Modification Has Been Made To Secure Additional Facilities Sanctioned By The Bank As Follows: A) Fresh Cash Credit Facility : Enhanced From 30.000 Millions To 45.000 Millions B) Total Non Fund Based Facility : Enhanced From 3.500 Millions To 8.100 Millions The Overall Limit Has Been Enhanced From Rs 61.100 Millions To Rs 74.700 Millions.

FIXED ASSETS

· Land

· Rope Plant

· Spinning Plant

· Poly Propylene Plant

· Electric installations

· D.G.Set

· Factory Shed

· Godown

· Boundary Wall

· Office Building

· Temple

· Tube Well

· Furniture and Fixture

· Cycle

· Motor Car

· Vehicle

· Lorry

· Office Equipments

· Weighing Machines

· Water Supply System

· Testing machine

· Fire Fighting Equipment

· Laboratory Equipment

· Handling Equipment

· Tools and Tackles

· Security Systems

· Computer System

· Lathe Machine

· Spinning and Weaving Plant

· Decorticator machine

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.53.23
UK Pound	1	Rs.82.87
Euro	1	Rs.69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.