MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	RANJIT BUILDCON LIMITED
Formerly Known As :	RANJIT CONSTRUCTION COMPANY
Registered Office :	110, Old Market Yard, Unjha-384170, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.12.2006
Com. Reg. No.:	04-049570
Capital Investment / Paid-up Capital :	Rs.403.000 Millions
CIN No.: [Company Identification No.]	U45206GJ2006PLC049570
TAN No.: [Tax Deduction & Collection Account No.]	AHMR04279C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Contractors and Project Developers, Bridge Construction, Road and Highway Projects, etc.
No. of Employees :	350 (In Office 50, In Factory 300) [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. 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. Note: The company was a Partnership Concern in 1967 by Ranjit Construction Company and in 2006 it is a Limited Company.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Ripal
Designation :	Accounts Departments
Contact No.:	91-79-40200555
Date :	03.01.2012

LOCATIONS

Registered Office :	110, Old Market Yard, Unjha-384170, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ranjit_construction@yahoo.co.in rbl_account@yahoo.com
Location :	Owned
Head Office :	Behind Shilpa Garage, Mathuranagar Highway, Mehsana-384002, Gujarat, India
Tel. No.:	91-2762-258899
Fax No.:	91-2762-254304
Corporate Office :	Ranjit House, Opposite Sun Residency, Behind Bhagwat Bunglows, RT Side Road To Goga Maharaj Mandir, Thaltej-Shilaj Road, Thaltej, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-40200555
Fax No.:	91-79-40200565

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ranchhodbhai Joitaram Patel

Designation :

Director

Address :

23, Pushp-Dhanwa Bunglows, Premchandnagar Road, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

25.01.1939

Date of Appointment :

13.12.2006

Din No.:

00072098

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	U24230GJ1995PLC026616	CAMBRIDGE HEALTH CARE LIMITED	Director	11-12-00	11-12-00	Active	NO
2	U45203GJ2001PTC040126	RANJIT PROJECTS PRIVATE LIMITED	Director	20-10-01	20-10-01	Active	NO
3	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Director	13-12-06	13-12-06	Active	NO
4	U24239GJ2006PTC048975	BILLS BIOTECH PRIVATE LIMITED	Director	05-04-07	05-04-07	Active	NO
5	U45203GJ2009PTC056560	RANJIT TOLL ROAD PRIVATE LIMITED	Managing director	08-04-09	08-04-09	Active	NO

Name :

Mr. Parshottambhai Joitaram Patel

Designation :

Director

Address :

4-B, Shreyash Society, Jail Road, Mehsana-384002, Gujarat, India

Date of Birth/Age :

15.01.1934

Date of Appointment :

13.12.2006

Din No.:

00072047

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	U45203GJ2001PTC040126	RANJIT PROJECTS PRIVATE LIMITED	Director	22-10-01	22-10-01	Active	NO
2	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Director	13-12-06	13-12-06	Active	NO

Name :

Mr. Gauravbhai Ranchhodbhai Patel

Designation :

Director

Address :

23, Pushp-Dhanwa Bunglows, Premchandnagar Road, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

08.06.1974

Date of Appointment :

13.12.2006

Din No.:

00072148

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	U45203GJ2001PTC040126	RANJIT PROJECTS PRIVATE LIMITED	Director	20-10-01	20-10-01	Active	NO
2	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Managing director	13-12-06	13-12-06	Active	NO
3	U24239GJ2006PTC049050	RECON BIO PRIVATE LIMITED	Director	15-11-08	15-11-08	Active	NO
4	U45203GJ2009PTC056560	RANJIT TOLL ROAD PRIVATE LIMITED	Director	08-04-09	08-04-09	Active	NO
5	U92100GJ2011PTC066372	WHITE SAND ENTERTAINMENT PRIVATE LIMITED	Director	15-07-11	15-07-11	Active	NO

Name :

Mr. Mukeshbhai Mohanlal Patel

Designation :

Director

Address :

8, Shankar Nagar Society, Opposite Dudhsagar Dairy Highway, Mehsana-384001, Gujarat, India

Date of Appointment :

13.12.2006

Din No.:

00072281

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	U45203GJ2001PTC040126	RANJIT PROJECTS PRIVATE LIMITED	Director	20-10-01	20-10-01	Active	NO
2	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Director	13-12-06	13-12-06	Active	NO
3	U45203GJ2009PTC056560	RANJIT TOLL ROAD PRIVATE LIMITED	Director	08-04-09	08-04-09	Active	NO
4	U92100GJ2011PTC066372	WHITE SAND ENTERTAINMENT PRIVATE LIMITED	Director	15-07-11	15-07-11	Active	NO

Name :

Mr. Vaibhavkumar Ranchhodbhai Patel

Designation :

Director

Address :

23, Pushp-Dhanwa Bunglows, Premchandnagar Road, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

02.01.1978

Date of Appointment :

29.12.2007

Din No.:

00072408

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	U45203GJ2001PTC040126	RANJIT PROJECTS PRIVATE LIMITED	Director	22-10-01	22-10-01	Active	NO
2	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Director	29-12-07	29-12-07	Active	NO
3	U92100GJ2011PTC066372	WHITE SAND ENTERTAINMENT PRIVATE LIMITED	Director	15-07-11	15-07-11	Active	NO

Name :

Mr. Anilkumar Parshottambhai Patel

Designation :

Director

Address :

4-B, Shreyash Society, Jail Road, Mehsana-384002, Gujarat, India

Date of Birth/Age :

01.10.1977

Date of Appointment :

29.12.2007

Din No.:

00072231

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	U45203GJ2001PTC040126	RANJIT PROJECTS PRIVATE LIMITED	Director	20-10-01	20-10-01	Active	NO
2	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Director	29-12-07	29-12-07	Active	NO

Name :

Mr. Sanjaybhai Harjivanbhai Patel

Designation :

Director

Address :

9, Nitu Flats, Behind Nehru Nagar, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

28.12.1965

Date of Appointment :

29.12.2007

Din No.:

00117270

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	U45201GJ2002PTC041598	HIRVI PROJECTS PRIVATE LIMITED	Director	28-12-02	28-12-02	Active	NO
2	U45206GJ2006PLC049570	RANJIT BUILDCON LIMITED	Director	29-12-07	29-12-07	Active	NO

Name :

Mr. Jyotikumar Sukhlal Varma

Designation :

Director

Address :

2, Avni Flats, Near Jariwala Park, Opposite Commerce College, Navrangpura, Ahmedabad-380009, Gujarat, India

Date of Birth/Age :

20.11.1946

Date of Appointment :

29.12.2007

Din No.:

02193288

Name :

Mr. Jigneshbhai Bharatkumar Gandhi

Designation :

Director

Address :

101, Dev Ashish Apartments, 14/B, Jain Society, Near Pritamnagar, Akhada, Ellis Bridge, Ahmedabad-380006, Gujarat, India

Date of Birth/Age :

14.07.1965

Date of Appointment :

29.12.2007

Din No.:

02193328

Name :

Mr. Jayeshbhai Mohanlal Patel

Designation :

Director

Address :

C/O Ranjit Construction Company, Bhaipura Road, Hatkeshwar, Maninagar (East), Ahmedabad-380008, Gujarat, India

Date of Birth/Age :

01.06.1973

Date of Appointment :

29.12.2007

Din No.:

02193241

KEY EXECUTIVES

Name :	Mr. Ripal
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ranchhodbhai Joitaram Patel	7600000
Mohanlal Joitaram Patel	3600000
Gauravbhai Ranchhodbhai Patel	6635000
Vaibhavkumar Ranchhodbhai Patel	6635000
Alkaben Gauravbhai Patel	3600000
Mukeshkumar Mohanlal Patel	2115000
Anilkumar Parshottambhai Patel	3600000
Satishbhai Mohanlal Patel	2200000
Nareshbhai Mohanlal Patel	2200000
Jayeshbhai Mohanlal Patel	2115000
TOTAL	40300000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Contractors and Project Developers, Bridge Construction, Road and Highway Projects, etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Others [Government]

No. of Employees :

350 (In Office 50, In Factory 300) [Approximately]

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India

· Dena Bank

· IDBI Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Loan and Advance From Banks
Term Loans Vehicle Loans	5.332	13.015
Overdraft Facilities	232.060	161.392
Total	237.392	174.407
Unsecured Loan
From Directors	169.028	90.648
From Others		70.500
Total	169.028	161.148

Banking Relations :	--
Auditors :
Name :	M M Salvi and Company Chartered Accountants
Address :	27, Mahatma Gandhi Shopping Center, 2^nd Floor, Rajmahel Road, Mehsana-384001, Gujarat, India
Pan No.:	ADGPS0690H
Subsidiaries :	Ranjit Toll Road Private Limited [U45203GJ2009PTC056560]
Associates/Joint Ventures:	· Ranjit Tarmat · RBL-Durga · Ranjit Royal · Gayatri Ranjit

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40300000	Equity Shares	Rs.10/- each	Rs.403.000 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		403.000	400.000	400.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		547.657	336.984	158.367
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		950.657	736.984	558.367
LOAN FUNDS
1] Secured Loans		237.392	174.407	236.422
2] Unsecured Loans		169.028	161.148	190.573
TOTAL BORROWING		406.420	335.555	426.995
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1357.077	1072.539	985.362
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		350.937	357.129	349.727
Capital work-in-progress		0.000	14.152	0.000
INVESTMENT		29.025	0.025	0.025
DEFERREX TAX ASSETS		3.766	3.803	1.251
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	286.096	83.153	133.205
	Sundry Debtors	347.681	353.909	326.610
	Cash & Bank Balances	490.464	390.018	339.636
	Other Current Assets	187.586	162.368	119.916
	Loans & Advances	579.870	446.661	445.805
Total Current Assets		1891.697	1436.109	1365.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	291.193	116.933	196.400
	Other Current Liabilities	507.926	526.415	432.242
	Provisions	120.169	96.506	103.781
Total Current Liabilities		919.288	739.854	732.423
Net Current Assets		972.409	696.255	632.749
MISCELLANEOUS EXPENSES		0.940	1.175	1.610
TOTAL		1357.077	1072.539	985.362

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Construction Work Income/Turnover	3428.911	2875.002	2603.325
		Sales (Trading Activity)/Turnover	155.335	124.430	260.298
		Other Income	41.287	35.397	32.469
		TOTAL (A)	3625.533	3034.829	2896.092
Less	EXPENSES
		Cost of Construction and Operations	3403.830	2679.427	2624.418
		Cost of Administration	95.774	41.327	24.033
		Rates and Taxes	8.172	5.396	2.991
		Miscellaneous Expenditure Written Off	0.485	0.435	0.435
		Decrease in Work in Progress	(195.453)	29.430	(14.655)
		TOTAL (B)	3312.808	2756.015	2637.222
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		312.725	278.814	258.870
Less	FINANCIAL EXPENSES (D)		40.932	32.487	37.030
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		271.793	246.327	221.840
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.306	49.796	47.520
	PROFIT BEFORE TAX (E-F) (G)		221.487	196.531	174.320
Less	TAX (H)		37.814	17.914	38.120
	PROFIT AFTER TAX (G-H) (I)		183.673	178.617	136.200
	IMPORTS
		Material / Goods / Spares	0.000	26.130	41.949
		Capital Goods	0.304	0.000	72.738
	TOTAL IMPORTS		0.304	26.130	114.687
	Earnings Per Share (Rs.)		4.55	4.47	3.41

Particulars	31.03.2011
Sales Turnover [Approximately]	4240.000

The above information has been parted by Mr. Ripal.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.07	5.89	4.70
Net Profit Margin (PBT/Sales)	(%)	6.18	6.55	6.09
Return on Total Assets (PBT/Total Assets}	(%)	9.88	10.96	10.17
Return on Investment (ROI) (PBT/Networth)		0.23	0.27	0.31
Debt Equity Ratio (Total Liability/Networth)		1.39	1.45	2.07
Current Ratio (Current Asset/Current Liability)		2.05	1.94	1.86

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	291.193	116.933	196.400

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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U45206GJ2006PLC049570
Name of the company	RANJIT BUILDCON LIMITED
Address of the registered office or of the principal place of business in India of the company	110, Old Market Yard, Unjha-384170, Gujarat, India
Type of charge	Movable Property [not being pledge]
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India
Email	john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	14.05.2009
Amount secured by the charge	Rs.9.035 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 5.52% p.a. Terms of Repayment Equated Monthly Installment of Rs. 0.437 Million For 23 Months. Extent and Operation of the charge First and exclusive charge by way of Hypothecation in favour of Kotak Mahindra Bank on the assets financed.
Short particulars of the property charged	First and exclusive charge in favour of Kotak Mahindra Bank Ltd on Commercial Vehicles. Engine No.:- CNE 451278 and Chassis No.:- CNE 663564 CNE 451240 CNE 663493 CNE 451279 CNE 663587 CNE 450357 CNE 661116 CNE 446612 CNE 650388

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Heavy Transport Vehicles

· Other Vehicles

· Centering and Dead Stock

· Office Equipments

· Furniture and Fixtures

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	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.