MIRA INFORM REPORT

Report Date :

04.07.2012

IDENTIFICATION DETAILS

Name :	ROYALARC ELECTRODES LIMITED
Registered Office :	203-205, Business Classic, Chincholi Bunder Road, Malad (West) Mumbai – 400 064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.01.1996
Com. Reg. No.:	11-96296
Capital Investment / Paid-up Capital :	Rs.13.200 Millions
CIN No.: [Company Identification No.]	U31100MH1996PLC096296
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Welding Electrodes and Grinding Wheels.
No. of Employees :	Not Available

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 270000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 normal 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

LOCATIONS

Registered / Corporate/ Administrative Office :	203-205, Business Classic, Chincholi Bunder Road, Opposite Seksaria Industrial Estate, Malad (West) Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28822374 / 28820328
Fax No.:	91-22-28832005
E-Mail :	bj@bagadiyanjain.com royalarc@vsnl.com
Location :	Owned
Factory :	Survey No.49, Hissa No.3A, Village Devdar, Vasai (East), Thane – 401 208, Maharashtra, India
Tel. No.:	91-250-6453333
Location :	Owned by Director

DIRECTORS

As on 20.01.2012

Name :

Mr. Bipin Shantilal Sanghvi

Designation :

Managing Director

Address :

07.07.1953

Date of Birth/Age :

701, Adarsh Harmony, Adarsh Dughdhalaya, Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Appointment :

15.01.1996

DIN No.:

00462839

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	U31100MH1996PLC096296	ROYALARC ELECTRODES LIMITED	Managing director	01-04-10	15-01-96	-	Active	NO
2	U70102MH2010PTC210344	ROYAL ARC INFRASTRUCTURE PRIVATE LIMITED	Director	26-11-10	26-11-10	-	Active	NO

Name :

Mr. Kishore Anand Shetty

Designation :

Whole Time Director

Address :

A 61, Rustomjee Regal, Ideal Farm, Dahisar (West), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

20.11.1955

Date of Appointment :

15.01.1996

DIN No.:

00462833

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	U31100MH1996PLC096296	ROYALARC ELECTRODES LIMITED	Whole-time director	01-04-10	15-01-96	-	Active	NO
2	U70102MH2010PTC210344	ROYAL ARC INFRASTRUCTURE PRIVATE LIMITED	Director	26-11-10	26-11-10	-	Active	NO

Name :

Ms. Savita Chandrahas Shetty

Designation :

Whole Time Director

Address :

Flat No. A-301, 3^rd Floor, Yogi Paradise CHS, Yogi Nagar, Eksar Road, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

27.05.1965

Date of Appointment :

11.12.2002

DIN No.:

00462830

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	U31100MH1996PLC096296	ROYALARC ELECTRODES LIMITED	Whole-time director	01-04-10	11-12-02	-	Active	NO

Name :

Mr. Hardik Bipin Sanghvi

Designation :

Whole Time Director

Address :

A-42, Trimurti Park, Maletdar Wadi, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

17.08.1982

Date of Appointment :

01.12.2002

DIN No.:

00617415

Name :

Mr. Swagat Bipin Sanghvi

Designation :

Whole Time Director

Address :

701, Adarsh Harmony, Adarsh Dughdhalaya, Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

15.10.1986

Date of Appointment :

16.08.2010

DIN No.:

01695341

Name :

Mr. Hitesh Shobhagyachand Sheth

Designation :

Director

Address :

332-9-N-13, Road No.18, Jawahar Nagar, Goregaon (West), Mumbai-400 062, Maharashtra, India

Date of Birth/Age :

06.08.1967

Date of Appointment :

16.08.2010

DIN No.:

01941063

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	U70102DL2007PTC171812	FEEL GOOD HOME SOLUTIONS PRIVATE LIMITED	Director	26-12-07	26-12-07	-	Active	NO
2	U51909MH2010PTC198461	SHANTVA SONS TRADING PRIVATE LIMITED	Director	04-01-10	04-01-10	-	Active	NO
3	U31100MH1996PLC096296	ROYALARC ELECTRODES LIMITED	Director	16-08-10	16-08-10	-	Active	NO
4	U74900MH2011PTC224138	3F CONSULTANTS PRIVATE LIMITED	Director	19-11-11	19-11-11	-	Active	NO

Name :

Mr. Dhananjay Prasad Vishwakarma

Designation :

Director

Address :

Plot No.333, Room No.7, Baban Mishra Chawl, Road No.18, Jawahar Nagar, Goregaon (West), Mumbai-400 062, Maharashtra, India

Date of Birth/Age :

14.07.1978

Date of Appointment :

16.08.2010

DIN No.:

03194912

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bipin S. Sanghavi	174700
Hardik B. Sanghvi	100000
Kishore A. Shetty	195100
Savita C. Shetty	322000
Tarulata B. Sanghvi	60000
Usha K. Shetty	130000
Hitesh S. Sheth	100
Samir K. Sanghvi	100
Swagat B. Sanghvi	218000
Ami Sanghvi	120000
Total	1320000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Welding Electrodes and Grinding Wheels.
Products :	Mild Steel Electrode Stainless Steel Electrode Hardfacing Electrode Low Hydrogen Electrode Low Hydrogen Iron Powder Electrode Low Alloy High Tensile Electrode Cutting Electrode Casting Electrode S. S. Filler Electrode Low Heat Input Electrode Copper Coated Wire for Co2 Welding Resin Bonded Abrasive Wheels Flux Cored Wire

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Installed Capacity (In Tons)
Welding Electrodes	13000 p.a.
Co2	3500 p.a.
Grinding Wheel	1520 p.a.
Fluxcore	1440 p.a.

Particulars	Actual Production
Welding Electrodes Nos	82054747
Welding Electrodes Kgs.	2586562
Co2 Wire Kgs.	820631
Grinding Wheels No.	804518
Dry Flux Welding Mix	1774887
MS Wire	3478
Flux Corewire	499031
Tig Wire	11758
MS Scrap	231520
Phenolic Resin	116
Potassium Silicate	3925

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai–400 001, Maharashtra, India
• The Royal Bank of Scotland N.V., 74, Sakhar Bhavan,, 7th Floor, Nariman Point,, Mumbai–400 021, Maharashtra, India
• ICICI Bank Limited, 215, Free Press House, Free Press Journal Marg, Nariman Point, Mumbai-400 021, Maharashtra, India
• BMC Bank
• ABN Bank Limited
• Axis Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans
RBS Limited (Cash Credit) (Secured against hypothecation of Finished goods, Work-in-Progress, Raw Materials, Book Debts and Second charges on immovable properties in addition to the personal guarantees of all directors)	76.885	3.695 50.000
RBS Bank Limited PSFL Account -2624877	2.018	2.070
RBS Bank Limited PSFL Account -265666	0.000	1.808
RBS Bank Limited PC -2650010	12.029	8.012
Local LC (RBS-Strong Wire)	9.999	14.998
Local LC (RBS-Jenil)	5.587	0.000
Local LC – SCB Jenil	9.221	0.000
SCB OD Account	(3.860)	9.457
SCB TOD-NEW-90Days	0.000	12.042
BMC Bank OD Account	(5.546)	3.416
Term Loans
SCB Term Loan-OLD	4.082	8.113
SCB Term Loan Account-48249394	22.523	0.000
ABN Bank Limited (Term Loan) (Secured against specified machinery acquired)-367427	9.494	19.094
ABN Bank Limited (Term Loan)-2617846	1.280	4.640
ABN Bank Limited (Term Loan)-2618435	0.000	4.472
Axis Bank Limited- Wagon R- MH-02-JP-1840	0.000	0.101
Sundaram Finance New Tempo Loan	0.668	0.000
ICICI Skoda Loan	0.098	0.460
ICICI Bank Limited (Vehicle Loan-Honda Civic MH-04-DN-958	0.000	0.284
Total	144.478	142.662
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	38.859	30.903
From Inter Corporate	13.437	11.637
Total	52.296	42.540

Banking Relations :	--
Auditors :
Name :	Ganesh Associates Chartered Accountants
Address :	503, Opulence, 6^th Road, Santacruz (East), Mumbai-400 055, Maharashtra, India
Tel. No.:	91-22-26120431
PAN.:	AALPS8049L

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1320000	Equity Shares	Rs.10/- each	Rs.13.200 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		13.200	13.200	13.200
2] Share Application Money		5.000	0.000	0.000
3] Reserves & Surplus		51.032	39.692	40.490
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.232	52.892	53.690
LOAN FUNDS
1] Secured Loans		144.478	142.662	118.781
2] Unsecured Loans		52.296	42.540	35.580
TOTAL BORROWING		196.774	185.202	154.361
DEFERRED TAX LIABILITIES		9.320	9.424	7.409
TOTAL		275.326	247.518	215.460
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		136.463	132.690	116.610
Capital work-in-progress		0.000	0.000	0.104
INVESTMENT		0.203	0.203	0.203
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.172	66.147	64.310
	Sundry Debtors	54.009	51.217	39.142
	Cash & Bank Balances	7.763	6.379	1.614
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	43.056	44.779	44.361
Total Current Assets		213.000	168.522	149.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.603	47.878	39.978
	Other Current Liabilities	7.937	6.019	5.642
	Provisions	2.800	0.000	5.264
Total Current Liabilities		74.340	53.897	50.884
Net Current Assets		138.660	114.625	98.543
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		275.326	247.518	215.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	634.324	540.802	515.077
		Other Income	14.336	7.240	10.971
		TOTAL (A)	648.660	548.042	526.048
Less	EXPENSES
		Raw Material Consumed	474.690	375.662	382.024
		(Increase) or Decrease in finished goods, work-in-progress	(5.273)	23.423	0.431
		Salaries, Wages and Bonus	14.608	10.737	7.516
		Managerial Remuneration	5.725	0.550	1.380
		Payments of auditors	0.011	0.017	0.017
		Insurance Expenses	2.664	2.813	0.394
		Power and Fuel	14.173	11.258	10.378
		Other Expenditure	107.163	82.996	94.737
		TOTAL (B)	613.761	507.456	496.877
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.899	40.586	29.171
Less	FINANCIAL EXPENSES (D)		15.297	34.529	13.471
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.602	6.057	15.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.565	4.893	4.192
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		14.037	1.164	11.508
Less	TAX (H)		2.697	1.962	3.200
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		11.340	(0.798)	8.308
	EARNINGS IN FOREIGN CURRENCY		124.827	112.228	100.718
	Earnings/(Loss) Per Share (Rs.)		8.59	(0.60)	6.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.75	(0.14)	1.58
Net Profit Margin (PBT/Sales)	(%)	2.21	0.21	2.23
Return on Total Assets (PBT/Total Assets}	(%)	4.02	0.39	4.32
Return on Investment (ROI) (PBT/Networth)		0.20	0.02	0.21
Debt Equity Ratio (Total Liability/Networth)		3.92	4.52	3.82
Current Ratio (Current Asset/Current Liability)		2.86	3.13	2.94

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	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	No
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	--
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	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE REVIEW:

1. During the year, the company achieved sales turnover of Rs.634.324 Millions registering growth of 17.00%. The net profit after tax stood at Rs.11.237 Millions from Rs.1.216 millions in previous year. At the year end company’s reserve stood at Rs.51.032 Millions after provision of Rs.9.320 Millions towards deferred tax and the book value of shares stood at Rs.4.867 Millions.

2. The company building, machinery, stores and stocks in trade etc. are fully covered against all insurance risks.

3. The company appreciates the co-operation extended by the Financial Institutions and Banks. The Directors would also like to express their appreciation to the Management Team and workers for their co-operation.

OPERATIONAL REVIEW:

During the year, company has performed consistently well in export front nearly 20% of total sales is consist of exports.

During current year there is goods demand of flux core wire.

During the year company has started commercial production of flux core wire. They are receiving highly positive reports for flux core wire department. Company is planning to increase capacity and efficiency of flux core wire.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31100MH1996PLC096296
Name of the company	ROYALARC ELECTRODES LIMITED
Address of the registered office or of the principal place of business in India of the company	203-205, Business Classic, Chincholi Bunder Road, Malad (West) Mumbai – 400 064, Maharashtra, India Email: bj@bagadiyanjain.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10047697
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	The Royal Bank of Scotland N.V., 74, Sakhar Bhavan, 7th Floor, Nariman Point,, Mumbai–400 021, Maharashtra, India Email: gbmincamumbaidocumentation@rbs.com
Nature of instrument creating charge	Supplementary Deed of Hypothecation of Movable Assets
Date of instrument Creating the charge	16.05.2012
Amount secured by the charge	Rs.160.450 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit Facilities. Commission / Interest - At negotiated Rates Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first pari passu charge on the security given by the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Hypothecation by way of first pari passu charge on: A) present and future movable plant and machinery. B) Present and future stock in trade, raw materials, spares, consumable stores. ii) Present and future book debts, o/s monies, receivables, claims bills, cash in hand etc.
Date of instrument modifying the charge	23.03.2011
Particulars of the present modification	By present modification, the existing term loan facility of Rs.3.000 Millions has been fully paid and current charge of Rs.160.450 Millions over the movable and fixed assets and current assets will be continued.

FIXED ASSETS:

• Plant and Machinery
• Furniture and Fixtures
• Electrical Fittings
• Office Equipment
• Laboratory Equipment
• Computers
• Vehicles
• Air Conditioner
• Factory Shed – I
• Factory Shed – II

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.54.81
UK Pound	1	Rs.86.03
Euro	1	Rs.69.06

INFORMATION DETAILS

Report Prepared by :

DPTP

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	6
--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	NO
--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.