MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	MITTAL TECHNOPACK PRIVATE LIMITED
Registered Office :	14, Bentinck Street, 2^nd Floor, Room No. 9, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.08.2002
Com. Reg. No.:	21-94990
Capital Investment / Paid-up Capital :	Rs.25.292 Millions
CIN No.: [Company Identification No.]	U25209WB2002PTC094990
IEC No.:	0203019148
TAN No.: [Tax Deduction & Collection Account No.]	CALM04123A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Jumbo Bags.
No. of Employees :	420 (In office 20 and In Factory 400)

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 370000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	15.12.2011

LOCATIONS

Registered Office :	14, Bentinck Street, 2^nd Floor, Gujarat Mansion, Room No. 9, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22570995 / 23252995 / 22100419 / 22439307 / 22100419
Fax No.:	91-33-22100419
E-Mail :	info@mittaltechnopack.com mtplho@mittaltechnopack.com manoj@mittaltechnopacks.com
Website :	www.mittaltechnopack.com
Factory :	Jalan Industrial Complex, Gate No. 3, Lane no. 5, Sankharidaha, Domjur, Howra-711411, West Bengal, India
Tel. No.:	91-33-32527388 / 32525005
Fax No.:	91-33-26418107
E-Mail :	mtplfac@mittaltechnopack.com
Sales Office :	M-34, Veena Nagar, Indore-452012, Madhya Pradesh, India
Tel. No.:	91-731-2570995 / 3252995 / 4266944
Fax No.:	91-731-4009179
E-Mail :	devendra@mittaltechnopack.com mtplindore@mittaltechnopack.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Manoj Kumar Agarwal

Designation :

Managing Director

Address :

Gujarat Mansion, 14, Bentinck Street, 2^nd Floor, Gujarat Mansion, Room No. 9, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

03.10.1973

Qualification :

B.Com

Date of Appointment :

10.03.2004

DIN No.:

00569775

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	U25200WB1985PTC039810	F.C.POLYPACKS PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Amalgamated	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Managing director	10/03/2004	10/03/2004	-	Active	NO
3	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
4	U51109WB1996PTC081235	J.K.SONS ENGINEERS PRIVATE LIMITED	Director	02/06/2008	02/06/2008	25/08/2009	Active	NO
5	L27104WB1986PLC040831	BURNPUR CEMENT LIMITED	Whole-time director	01/06/2012	30/07/2010	-	Active	NO
6	U52392WB1994PTC062775	DALHOUSI DATAMATICS PRIVATE LIMITED	Additional director	30/12/2010	30/12/2010	-	Active	NO
7	U51109WB1994PTC066168	BHAROSA DISTRIBUTORS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO

Name :

Mr. Ram Prasad Agarwal

Designation :

Director

Address :

Grewal Colony, Bekar Bandh, Dhanbad-826001, Jharkhand, India

Date of Birth/Age :

30.06.1946

Qualification :

B.Com

Date of Appointment :

09.08.2002

DIN No.:

00602959

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	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	04/12/1985	04/12/1985	-	Active	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Whole-time director	09/08/2002	09/08/2002	-	Active	NO

Name :

Mr. Pramod Sahu

Designation :

Director

Address :

465, Subhash Nagar, Bye Lane, Dum Dum Cant, P. O. Rabindra Nagar, Kolkata – 700065, West Bengal, India

Date of Birth/Age :

02.01.1957

Qualification :

B.Com

Date of Appointment :

15.12.2003

DIN No.:

01149638

Name :

Mrs. Shakuntala Devi

Designation :

Director

Address :

Grewal Colony, Bekar Bandh, Dhanbad-826001, Jharkhand, India

Date of Birth/Age :

13.07.1951

Qualification :

B.Com

Date of Appointment :

31.07.2008

DIN No.:

01087585

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	U28129WB2004PTC097733	POOJA POLYPACKAGING PRIVATE LIMITED	Director	04/12/2006	04/12/2006	03/10/2008	Active	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Manoj Kumar Agarwal	241100
Ram Prasad Agarwal	370100
Bharosa Distributors Private Limited, India	1009500
Akhil Kumar Shah	60000
Nikhil Kumar Shah	40000
Mittal Polypacks Private Limited, India	380000
Daya Shankar Singh	1000
Gaja Nand Agarwal	5500
Punch Deo Singh	5500
Rash Behari Dubey	1000
Shambhu Nath Agarwal	83500
Satendra Prasad Singh	5500
Sushil Kumar Agarwal	20000
Uttam Kumar Dubey	5500
Binay Prajapati	79500
Ram Prasad Agarwal (HUF)	140000
Naresh Singh	40000
Dalhousi Daramatics Private Limited, India	41500
Total	2529200

As on 30.11.2011

Names of Allottees	No. of Shares
Dalhousi Daramatics Private Limited, India	33500
Total	33500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	56.58
Directors or relatives of Directors	29.70
Other top fifty shareholders	13.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Jumbo Bags.

Products :

ITC Code No.	Product Description
39232100	HDPE / PP Woven sacks / FIBC Jumbo Bags

• Big Bags and Jumbo Bags
• Fabrics
• Bag / Sacks

PRODUCTION STATUS (As on 31.03.2011)

Installed Capacity	6000 MT per annum for the Manufacturer of PP/HDPE/Fabric/Woven Sacks/Jumbo bags
Actual Production	Fabric : 3387.839 MT (3271.164 MTused for further production) Bags : 4297.841 MT

GENERAL INFORMATION

No. of Employees :

420 (In office 20 and In Factory 400)

Bankers :

• UCO Bank, Kolkata Main Branch, 10, BTM Sarani, (Brabourne Road), Kolkata – 700 001, West Bengal, India
• ICICI Bank Limited , Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
• State Bank of India, SME Branch, Dhanbad, Jharkhand, India
• HDFC Bank Limited

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
SBI Commercial Branch Dhanbad
Working Capital Loan	117.376	0.000
Term Loan	39.760	0.000
UCO Bank ( Kolkata Main Branch)
Working Capital Loan	0.000	54.811
Buyer's Credit	0.000	4.781
Term Loan	0.000	17.375
From HDFC Bank AND Tata Capital for Car Loan	2.782	0.000
Total	159.918	76.967
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	4.370	6.774
From Companies	20.338	7.071
From Others (Citi Bank and Individuals)	0.160	0.458
Total	24.868	14.303

Banking Relations :	--
Auditors :
Name :	Ashok Kedia and Company Chartered Accountants
Address :	4, Gangadhar Babulane, Kolkata – 700012, West Bengal, India
PAN.:	AADFA8802HS
Related Party :	· Mittal Polypacks Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2562700	Equity Shares	Rs.10/- each	Rs.25.627 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2529200	Equity Shares	Rs.10/- each	Rs.25.292 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		25.292	24.877	24.877
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		68.196	50.559	42.586
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		93.488	75.436	67.463
LOAN FUNDS
1] Secured Loans		159.918	76.967	84.785
2] Unsecured Loans		24.868	14.303	13.648
TOTAL BORROWING		184.786	91.270	98.433
DEFERRED TAX LIABILITIES		2.318	2.318	2.318
Deferred government Grants		4.320	6.092	6.741
TOTAL		284.912	175.116	174.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		109.038	81.958	83.358
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.766	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.892	37.971	45.091
	Sundry Debtors	65.157	46.410	53.317
	Cash & Bank Balances	12.068	10.024	9.251
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.628	30.011	21.892
Total Current Assets		205.745	124.416	129.551
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.610	25.656	25.956
	Other Current Liabilities	1.815	1.195	9.123
	Provisions	7.212	4.444	2.986
Total Current Liabilities		34.637	31.295	38.065
Net Current Assets		171.108	93.121	91.486
MISCELLANEOUS EXPENSES		0.000	0.037	0.111
TOTAL		284.912	175.116	174.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	460.745	395.841	383.921
		Other Income	0.000	0.000	0.000
		TOTAL	460.745	395.841	383.921
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	461.659	393.742	345.290
	PROFIT BEFORE TAX		13.970	9.431	8.803
Less	TAX		(0.762)	1.457	1.115
	PROFIT AFTER TAX		14.732	7.974	7.688
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.302	20.328	12.640
	BALANCE CARRIED TO THE B/S		43.034	28.302	20.328
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	332.175	242.468	248.656
	TOTAL EARNINGS		332.175	242.468	248.656
	Earnings Per Share (Rs.)		5.82	3.21	3.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.20	2.01	2.00
Net Profit Margin (PBT/Sales)	(%)	3.03	2.38	2.29
Return on Total Assets (PBT/Total Assets}	(%)	6.79	4.57	4.13
Return on Investment (ROI) (PBT/Networth)		0.15	0.13	0.13
Debt Equity Ratio (Total Liability/Networth)		2.35	1.62	2.02
Current Ratio (Current Asset/Current Liability)		5.94	3.97	3.40

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	Yes
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 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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

CONTINGENT LIABILITIES NOT PROVIDED FOR:

a) Outstanding Bank Guarantee as on Balance Sheet date aggregating to Rs.8.543 Millions (previous year Rs.5.285 Millions).

b) Bill discounted from Bank drawn on Foreign Buyers against L/C – Rs.14.698 Millions (previous year Rs.17.897 Millions)

c) Outstanding Inland L/C – Rs.10.650 Millions

d) Disputed liability on account of Excise Duty Rs.4, 51,288.00 against which appeal is pending and penalty of Rs.0.050 Million against which appeal is pending.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209WB2002PTC094990
Name of the company	MITTAL TECHNOPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14, Bentinck Street, 2^nd Floor, Room No. 9, Kolkata – 700 001, West Bengal, India Email: manoj@mittaltechnopack.com
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property
CIN, in case charge holder or ARC or assignee is a company	L65190GJ1994PLC021012
Particular of charge holder	ICICI Bank Limited , Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email: kaushik.modak@icicihfc.com
Nature of instrument creating charge	kaushik.modak@icicihfc.com
Date of instrument Creating the charge	29.09.2011
Amount secured by the charge	Rs.32.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest IBase plus margin of 1.25%=11.25% p.a. (10%+1.25%) or as applicable at the time of disbursement Terms of Repayment The loan along with interest shall be payable in 180 monthly equal instalments of Rs. 0.374 Million. Margin 1.25% over IBase rate Extent and Operation of the charge Exclusive 1st charge on the immovable property situated at Urbana, Tower-2, Apartment no.4001 and 4101, Signature Tower-2,783 Anandapur, Madurdaha, Kolkata-700107 and any other interest in the property. Charge created by way of equitable mortgage for home loan of Rs.32.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st charge on the immovable property situated at Urbana, Tower-2, Apartment no.4001 and 4101, Signature Tower-2,783 Anandapur, Madurdaha, Kolkata-700107 and any other interest thereon the property.

FIXED ASSETS

• Land and Boundary Wall
• Factory Building
• Plant and Machinery
• Electrical Installation
• Motor Car
• Motor Cycle
• Cycle
• Furniture and Fixture
• D.G. Sets
• Computer and Peripherals
• Office Equipments

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject, a part of Mittal Group of Industries from Dhanbad, is a company located on the East Coast of India, and is a premier manufacturer of PP/HDPE based Polywoven products. The company is a Private limited Company, closely held and superwised by the Agarwal Family.

Subject is the latest venture of the group setup to target the growing overseas market of Bulk Packaging. The company is being equipped with the latest machinery matching the global benchmarks in Production standards.

The company has achieved ISO 9001:2000 certification and it has implemented standards from Day One to ensure consistent quality in all its deliveries.

Located in Jalan Industrial Complex near Kolkata and spread over an area of 10,000 sq mt, the unit has a unique locational advantage. The Industrial Complex is located on the Kolkata-Delhi Golden Quadrangle Highway and is only 30 kms and 100 kms from Kolkata and Haldia Sea Ports respectively.

The plant has an extrusion capacity of 400 MT per month, and it is capable of delivering equivalent fabric and bags. The plant commenced its production in 2004 and is already serving key customers in Europe and Canada.

About the Group

The group has major presence in the domestic Polywoven Products market and is operating through two group companies, Mittal Polypacks Private Limited. Last turnover was Rs. 461 Million and still targetting over 500 Million PA. The group started its activities in 1972 and ventured in Polywoven packaging in 1985.

A new unit in Bilaspur has started functioning having an Extrusion Capacity of approx. 400 MT per month. This will be making small bags and speciality fabric.

The Management

The group is spearheaded by Shri R P Agarwal who pioneered the various group activities and currently headed by Mr Manoj Kumar Agarwal, a young and dynamic entrepreneur who has the ability to stear the group for future growth.

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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

KVT

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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.