MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	APOLLO DISTILLERIES PRIVATE LIMITED
Registered Office :	Midford House, Plot No. 205-A, Midford Garden, M G Raod, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.10.1995
Com. Reg. No.:	03-019074
Capital Investment / Paid-up Capital :	Rs.141.194 Millions
CIN No.: [Company Identification No.]	U85110KA1995PTC019074
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Beer
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business activity
Payment Behaviour :	--
Litigation :	--
Comments :	Even though the company was incorporated in the year 1995, it is yet to commence its commercial operations. The networth of the company appears to be strong. Initially, the company can be considered for business dealings only on a safe and secured trade terms and conditions. Note: Profit/Loss Account of company is not available.

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 Office :	Midford House, Plot No. 205-A, Midford Garden, M G Raod, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-28455857
Fax No.:	91-80-28455592
E-Mail :	cs@empeegroup.co.in
Corporate Office:	No.59, Harris Road, Pudupet, Chennai – 600002, Tamilnadu, India
Tel. No.:	91-44-28522510
Fax No.:	91-44-28555163
E-Mail :	info@empeegroup.co.in
Factory:	No.46, Sirupuzhal Pettai – II, Sr. Gandigai Post, Madhura Billakuppam Village, Gummidipoondi Taluk, Thiruvallur, Tamilnadu, India

DIRECTORS

As on 28.09.2011

Name :

Ms. Nisha Purushothaman

Designation :

Director

Address :

346-A, Pantheon Road, Egmore, Chennai – 600008, Tamilnadu, India

Date of Birth/Age :

27.02.1973

Date of Appointment :

20.08.2008

DIN No.:

00044868

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	U01122AP1994PTC017345	EMPEE AGRO FARM PRODUCTS PVT LTD	Director	08/04/1994	08/04/1994	-	Active	NO
2	U92490TN1982PLC009683	EMPEE INTERNATIONAL HOTELS AND RESORTS LIMITED	Director	02/12/1994	02/12/1994	-	Active	NO
3	U45201TN1996PLC034621	ARUNA CONSTRUCTIONS INDIA LIMITED	Director	26/02/1996	26/02/1996	-	Active	NO
4	U65993TN1996PLC035285	EMPEE HOLDINGS LIMITED	Director	23/04/1996	23/04/1996	-	Active	NO
5	U55101TN2004PLC054528	EMPEE HOTELS LIMITED	Managing director	10/03/2010	10/03/2005	-	Active	NO
6	U92400TN2005PLC057818	EMPEE COMMUNICATION LIMITED	Director	14/10/2005	14/10/2005	15/04/2009	Active	NO
7	U15532TN2006PLC060083	UNIVERSAL SPIRITS LIMITED	Director	02/06/2006	02/06/2006	-	Active	NO
8	U40101TN1996PLC037198	EMPEE POWER COMPANY (INDIA) LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
9	L15511TN1983PLC010313	EMPEE DISTILLERIES LIMITED	Managing director	01/01/2012	01/01/2007	-	Active	NO
10	L24110AP1988PLC009291	EMPEE SUGARS AND CHEMICALS LIMITED	Additional director	09/08/2007	09/08/2007	-	Active	NO
11	U85110KA1995PTC019074	APOLLO DISTILLERIES PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO

Name :

Mrs. Sheena Adarsh

Designation :

Director

Address :

346-A, Pantheon Road, Egmore, Chennai – 600008, Tamilnadu, India

Date of Birth/Age :

16.10.1975

Date of Appointment :

18.06.2008

DIN No.:

00044914

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	U01122AP1994PTC017345	EMPEE AGRO FARM PRODUCTS PVT LTD	Director	08/04/1994	08/04/1994	-	Active	NO
2	U05001TN1993PLC025977	EMPEE MARINE PRODUCTS LIMITED	Director	20/12/1995	20/12/1995	-	Active	NO
3	U65993TN1996PLC035285	EMPEE HOLDINGS LIMITED	Managing director	01/04/2009	23/04/1996	-	Active	NO
4	U40101TN1996PLC037198	EMPEE POWER COMPANY (INDIA) LIMITED	Director	18/07/2002	18/07/2002	29/05/2010	Active	NO
5	U15141TN2003PLC050976	APPOLLO ALCHOBEV LIMITED	Director	04/06/2003	04/06/2003	01/12/2010	Active	NO
6	U15511KL2004PTC017423	APPOLO BEERS PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
7	U40108TN2004PTC054943	APPOLLO WIND ENERGY PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
8	U45201TN1996PLC034621	ARUNA CONSTRUCTIONS INDIA LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
9	U92490TN1982PLC009683	EMPEE INTERNATIONAL HOTELS AND RESORTS LIMITED	Director	31/05/2009	01/09/2006	-	Active	NO
10	U85110KA1995PTC019074	APOLLO DISTILLERIES PRIVATE LIMITED	Director	18/06/2008	21/03/2007	-	Active	NO
11	U55101TN1978PTC007555	SOUTH (INDIA) HOTELS PRIVATE LIMITED	Director	31/05/2009	01/04/2009	-	Active	NO
12	U70102TN2007PLC064136	EDL PROPERTIES LIMITED	Managing director	01/06/2009	01/06/2009	-	Active	NO
13	U55101TN2004PLC054528	EMPEE HOTELS LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO

Name :

Mr. Purushothaman Mooliyil Payyan

Designation :

Director

Address :

346-A, Pantheon Road, Egmore, Chennai – 600008, Tamilnadu, India

Date of Birth/Age :

10.07.1936

Date of Appointment :

27.12.2010

DIN No.:

00088631

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	U55101TN1978PTC007555	SOUTH (INDIA) HOTELS PRIVATE LIMITED	Director	15/07/1978	15/07/1978	-	Active	NO
2	U63040TN1979PTC007769	ARUNA EXPORTS PRIVATE LIMITED	Director	22/03/1979	22/03/1979	-	Active	NO
3	U93090TN1951NPL002401	SOUTH INDIA HOTELS AND RESTAURANTS ASSOCIATION	Director	15/06/1981	15/06/1981	-	Active	NO
4	U92490TN1982PLC009683	EMPEE INTERNATIONAL HOTELS AND RESORTS LIMITED	Director	10/11/1982	10/11/1982	-	Active	NO
5	U55100DL1955NPL002587	THE FEDERATION OF HOTEL AND RESTAURANT ASSOCIATIONS OF INDIA	Director	27/09/1987	27/09/1987	-	Active	NO
6	U65910TN1988PLC016327	EMPEE LEASING AND FINANCE LIMTED	Director	11/10/1988	11/10/1988	-	Active	NO
7	U45201TN1996PLC034621	ARUNA CONSTRUCTIONS INDIA LIMITED	Director	26/02/1996	26/02/1996	-	Active	NO
8	L15511TN1983PLC010313	EMPEE DISTILLERIES LIMITED	Director	10/03/2008	01/08/2003	-	Active	NO
9	U55101TN2004PLC054528	EMPEE HOTELS LIMITED	Director	21/10/2004	21/10/2004	-	Active	NO
10	U92400TN2005PLC057818	EMPEE COMMUNICATION LIMITED	Director	14/10/2005	14/10/2005	-	Active	NO
11	U15141TN2003PLC050976	APPOLLO ALCHOBEV LIMITED	Director	24/10/2005	24/10/2005	-	Active	NO
12	L24110AP1988PLC009291	EMPEE SUGARS AND CHEMICALS LIMITED	Managing director	25/12/2010	25/12/2005	-	Active	NO
13	U65993TN1996PLC035285	EMPEE HOLDINGS LIMITED	Director	24/05/2006	24/05/2006	-	Active	NO
14	U15532TN2006PLC060083	UNIVERSAL SPIRITS LIMITED	Director	02/06/2006	02/06/2006	-	Active	NO
15	U45201TN2006PTC060644	EMPEE CONSTRUCTION COMPANY PRIVATE LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO
16	U40103TN2006PTC060923	EMPEE POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
17	U70102TN2007PLC064136	EDL PROPERTIES LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
18	U55100TN2009PTC072833	EMPEE HOSPITALITY PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO
19	U40101TN1996PLC037198	EMPEE POWER COMPANY (INDIA) LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO
20	U85110KA1995PTC019074	APOLLO DISTILLERIES PRIVATE LIMITED	Director	27/12/2010	27/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Sheena Adarsh	20000
A K Aruna	2500
Nisha Purushothaman	2500
Shaji Purushothaman	2500
Sheeju Purushothaman	2500
Empee Distilleries Limited, India	14089400
Total	14119400

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Bodies corporate	99.79
Directors or relatives of Directors	0.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Beer.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Large Corporate Branch, Royala Towers, III Floor, No.781-785, Anna Salai, Chennai – 600002, Tamilnadu, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	403.856	0.000
Total	403.856	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deposits related parties unsecured	10.141	0.000
Total	10.141	0.00

Banking Relations :	--
Auditors :
Name :	R Rajagopalan Chartered Accountants
Address :	9,Station Road,West Mambalam,Chennai – 600033, Tamilnadu, India
Tel. No.:	91-44-24742085
PAN.:	ADLPR5393K

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14119400	Equity Shares	Rs.10/- each	Rs.141.194 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		141.194	0.300	0.300
2] Share Application Money		106.822	99.437	0.000
3] Reserves & Surplus		0.679	0.679	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		248.695	100.416	0.300
LOAN FUNDS
1] Secured Loans		403.856	0.000	0.000
2] Unsecured Loans		10.141	0.000	45.679
TOTAL BORROWING		413.997	0.000	45.679
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		662.692	100.416	45.979
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.599	37.900	2.621
Capital work-in-progress		323.088	4.508	38.338
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	13.537	4.238	3.971
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	253.754	54.626	0.000
Total Current Assets		267.291	58.864	3.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.807	0.906	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.414	0.000	0.000
Total Current Liabilities		2.221	0.906	0.000
Net Current Assets		265.070	57.958	3.971
MISCELLANEOUS EXPENSES		28.935	0.050	1.049
TOTAL		662.692	100.416	45.979

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	1.67	0.01	0.00
Current Ratio (Current Asset/Current Liability)	120.35	67.97	0.00

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

BUSINESS OPERATIONS

Brewery Project at Gummidipundi, Tamil Nadu:

Civil Work: The civil work in all the departments- process, brew house, utilities and bottling hall are near completion with final touches of tiling work in drainages. The road work with storm water drainages in progress. Brew House

Process: The installation of Brew house and Process equipments are completed. Internal pipe line work is near completion with instrument wiring in progress. The water trials are planned during 4th week of Sept., 2011 and commercial brewing in 2nd week of Oct. 2011. Beer Bottling

Packaging: All the Bottling equipments – Washer, Filler, Pasteuriser and labeler are installed and connected through the bottle conveyors. Internal cabling is in progress. Expected time of completion is 4th week of Sept., 2011 and pre commissioning trials in Oct.2011.

Utilities : Boiler, refrigeration, air compressors, water treatment plant and CO2 recovery plants are installed. Piping work in progress. The services will be available by 27th September 2011 for the process and bottling hall.

Effluent treatment and Recycle: Considering their social responsibility and commitment to maintaining ecological system, the brewery has planned the treatment of trade effluent to the standards stipulated by the regulatory state body. The brewery has planned 60 % recycle of treated water through Reverse Osmosis and zero discharge by providing mechanical evaporator. The ETP will be commissioned by Sept., 2011 and stabilized thereafter. The brewery will be commissioned and fully operational by 15-10-2011. Since the company has not commenced its operation, no profit and loss account has been drawn up.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U85110KA1995PTC019074
Name of the company	APOLLO DISTILLERIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Midford House, Plot No. 205-A, Midford Garden, M G Raod, Bangalore – 560001, Karnataka, India Email: cs@empeegroup.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10242868
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Punjab National Bank, Large Corporate Branch, Royala Towers, III Floor, No.781-785, Anna Salai, Chennai – 600002, Tamilnadu, India Email: bo0305@pnb.co.in
Nature of instrument creating charge	1.Hypothecation of Moveable Assets forming part of Fixed/Block Assets 2.Deed of Hypothecation of Goods and Book Debts to secure Cash Credit facility 3.Letter of Extension of Equitable Mortgage.
Date of instrument Creating the charge	07.06.2012
Amount secured by the charge	Rs.900.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR + 3.75% p.a =14.25% p.a. with monthly rests. Terms of Repayment Repayable on demand Margin 25% for both stock and debts Extent and Operation of the charge As per sanction letter and agreements executed and as mentioned in column No.15 of this e-form Others Nature of facility Amount(Rs in Millions) Existing Modified Term Loan 750.00 750.00 Cash Credit ---- 15.00 Total 750.00 900.00 All other terms and conditions are as per the sanction letter and agreements executed on 07.06.2012.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first charge on the entire current assets of the company such as raw material, work in progress, finished goods and stores and spares kept in the factory and go downs advances to suppliers receivables at the Brewery unit at Gummipoondi, and Book Debts, both present & future,excluding bills purchased / discounted by Bank and bills against which advances have been made. Hypothecation by way of second charge on the entire fixed assets of the company,such as plant and machinery or any other moveable forming part of fixed assets of whatever nature and wheresoever and howsoever lying in the premises/go downs/factories and other places both present and future. Equitable Mortgage on lands and building,situated in No.46 Siruzhalpettai Part-II Guruvarajakanigai village,Gummidipoondi Taluk,Thiruvallur District comprised various survey nos morefully detailed in letter of extension of equitable mortgage dt.08.06.2012.
Date of instrument modifying the charge	29.10.2010
Particulars of the present modification	The amount secured by this charge has been enhanced from Rs.750.000 Millions to Rs.900.000 Millions as detailed hereunder. Nature of facility Amount(Rs in Millions) Existing Modified Term Loan 750.00 750.00 Cash Credit ---- 150.00 All other terms and conditions as per the sanction letter and agreements executed on 07.06.2012.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.55.65
UK Pound	1	Rs.85.88
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	--
--RESERVES	1~10	1
--CREDIT LINES	1~10	--
--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		12

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.