MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	RAMA STEEL TUBES LIMITED w.e.f. 01.09.1984
Formerly Known As :	RAMA STEEL TUBES PRIVATE LIMITED
Registered Office :	15/1, 2^nd Floor, Asaf Ali Road, Delhi – 110 002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.02.1974
Com. Reg. No.:	55-007114
Capital Investment / Paid-up Capital :	Rs. 2.489 Millions
CIN No.: [Company Identification No.]	L27201DL1974PLC007114
PAN No.: [Permanent Account No.]	AAACR0001P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Steel Pipes, Steel Tubes, Black Steel Pipes, Black Steel Tubes
No. of Employees :	Not Available

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 9900
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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

LOCATIONS

Registered Office :	15/1, 2^nd Floor, Asaf Ali Road, Delhi – 110 002, India
Tel. No.:	91-11-23235458 / 23230459 / 23238439/ 43656667
Mobile No.:	91-9310411533
Fax No.:	91-43656699
E-Mail :	rama12@bol.net.in info@fence-steeltubes.com director@fence-steeltubes.com arunak_gupta@rediffmail.com
Website :	www.fence-steeltubes.com
Area :	150 Sq.fts
Location :	Rented
Factory :	B -21, Site VI, Industrial Area, Sahibabad, Ghaziabad-201010, Haryana, India
Area :	20 Acre
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Richi Naresh Bansal

Designation :

Director

Address :

D -104, Preet Vihar, New Delhi – 110 092, India

Date of Birth/Age :

10.09.1979

Qualification :

B Tech (Mechanical)

Date of Appointment :

01.05.2007

DIN No.:

00119206

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1986PTC025735	HARSO STEELS PRIVATE LIMITED	Director	20-11-99	20-11-99	01-05-07	Active	NO
2	L27201DL1974PLC007114	RAMA STEEL TUBES LIMITED	Director	01-05-07	01-05-07	-	Active	NO
3	U70102DL2011PTC224251	ATI PROPERTIES PRIVATE LIMITED	Director	26-08-11	26-08-11	-	Active	NO
4	U45400DL2011PTC222014	APS Housing Projects Private Limited	Additional director	26-12-11	26-12-11	-	Active	NO

Name :

Mr. Naresh Kumar Bansal

Designation :

Managing Director

Address :

D -104, Preet Vihar, New Delhi – 110 092, India

Date of Birth/Age :

24.04.1954

Qualification :

B. Com

Date of Appointment :

26.02.1974

DIN No.:

00119213

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L27201DL1974PLC007114	RAMA STEEL TUBES LIMITED	Managing director	01-10-07	26-02-74	-	Active	NO
2	U74899DL1986PTC025735	HARSO STEELS PRIVATE LIMITED	Director	15-10-86	15-10-86	01-05-07	Active	NO
3	U15142UP1998PTC023241	ADVANCE HIGHTECH AGRO PRODUCTS PRIVATE LIMITED	Director	18-03-98	18-03-98	-	Active	NO
4	U74899DL1987PTC028273	JNG CONSTRUCTION PRIVATE LTD.	Director	01-01-99	01-01-99	-	Active	NO
5	U74899DL1974PTC006623	VIRINDER ENGINEERING AND CHEMICALS PVT LTD	Director	09-08-04	09-08-04	-	Active	NO
6	U51909DL2006PTC146955	VARADA IMPEX PRIVATE LIMITED	Director	15-04-06	15-04-06	07-08-07	Active	NO

Name :

Mr. Rajeev Kohli

Designation :

Director

Address :

IX/2879, Gali Gurdwara, Gandhi Nagar, Delhi-110031, India

Date of Birth/Age :

17.08.1972

Date of Appointment :

25.08.2007

DIN No.:

01994387

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200DL1998PTC092554	REVEL COMPU-CON PRIVATE LIMITED	Director	30-12-04	30-12-04	17-03-08	Active	YES
2	L27201DL1974PLC007114	RAMA STEEL TUBES LIMITED	Director	25-08-07	25-08-07	-	Active	NO
3	L65999DL1985PLC022723	AMULYA LEASING AND FINANCE LIMITED	Director	30-09-11	10-01-11	-	Active	NO

Name :

Mr. Surender Kumar Sharma

Designation :

Director

Address :

FF-1, Sector-1/325, Vaishali, Ghaziabad, Uttar Pradesh, India

Date of Birth/Age :

08.07.1955

Date of Appointment :

29.07.2011

DIN No.:

03594435

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	L27201DL1974PLC007114	RAMA STEEL TUBES LIMITED	Director	30-09-11	29-07-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Jaswant Rai	5300
Mr. Raj Kumar	3000
Mr. Sudarshan Kumar	100
Mr. Naresh Kumar Bansal	108100
Mr. Ashok Kumar	3000
Mrs. Kamla devi	4000
Mr. Santoshi Kumari	11100
Mr. Raj Rani	4000
Mr. Santosh Kumari	3000
Mr. Ajay Kumar Bansal	12450
Mr. Pradeep Kumar Bansal	4625
Mr. Pramod Kumar Bansal	4625
Mr. Virendra Kumar	3500
Mr. Arun Kumar Bansal	4500
Mr. Rajesh Kumar Bansal	5000
Mr. Rakesh Kumar Bansal	550
Mr. Harbans Lal Bansal HUF	15700
Mr. Mohan Lal Bansal HUF	50
Mr. Jaswant Rai HUF	50
Mr Rajiv Kumar Garg	1500
Mr. Parveen Bansal	100

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	74.95
Other top fifty shareholders	25.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Steel Pipes, Steel Tubes, Black Steel Pipes, Black Steel Tubes

Products :

ITC Code	Product Description
7306.90	Tubes/Pipes of Steel

Steel Pipes and Tubes

· ERW Pipes and Tubes

· Black Steel Pipes and Tubes

· Galvanized Pipes and Tubes

· Pre Galvanized Pipes and Tubes

· Fence Pipes and Tubes

· Sendzimir Pipes and Tubes

· Electrical Conduit Pipes and Tubes

· Scaffolding Pipes and Tubes

· Scaffolding Fittings

Structural Steel Products

· Square Pipes and Tubes

· Rectangular Pipes and Tubes

· Hollow Section

· Swaged Poles

PVC Pipes and Fittings

· SWR Pipes and Fittings

· PP-RC Pipes and Fittings

· Selfit PVC-U Pipes and Fittings

Turnkey Projects

· Tube Mills

· Slitting Lines

· Cut to Length

· RO Water Treatment Plants

Hollow Section For Automobile

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Quazi Hauz, Delhi – 110 006, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	35.253	50.580
Working capital loan bank secured	118.446	241.845
Working capital loan other secured	36.380	38.149
Loans taken from vehicle secured	0.866	2.206
Other debt secured	129.789	28.662
Total	320.734	361.442
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans financial institution unsecured	6.160	17.623
Loans Directors unsecured	35.817	18.379
Fixed Deposit unsecured	22.990	22.990
Other debt unsecured	34.766	35.890
Interest accrued due	3.080	0.580
Total	102.813	95.462

Banking Relations :	--
Auditors :
Name :	Vaps and Company Chartered Accountants
Address :	C-42, South Extension-II, New Delhi – 110049, India
Income-tax PAN of auditor or auditor's firm :	AAAFV2410P
Associates/Subsidiaries :	v Ravi Developers Private Limited v Harso Steels Private Limited v Hi-tech Pipes Limited v Gujarat Hi-Tech Steels Private Limited
Joint Ventures :	Pir Panchal Constructions Private Limited
Enterprises over which Key Management Personnel (KMP) and Relatives of such personnel exercise significant control	v Hi-Tech Pipes Limited v Harso Steels Private Limited v Ravi Developers Private Limited v Gujarat Hi-Tech Steel Private Lmited

CAPITAL STRUCTURE

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
248900	Equity Shares	Rs. 10/- each	Rs. 2.489 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		2.489	2.489	2.489
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		152.837	139.124	113.956
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		155.326	141.613	116.445
LOAN FUNDS
1] Secured Loans		320.734	361.442	267.868
2] Unsecured Loans		102.813	95.462	47.391
TOTAL BORROWING		423.547	456.904	315.259
DEFERRED TAX LIABILITIES		6.707	5.276	5.250
TOTAL		585.580	603.793	436.954
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.996	100.826	94.624
Capital work-in-progress		80.337	113.739	86.179
INVESTMENT		14.866	4.692	0.500
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	162.451	209.322	148.229
	Sundry Debtors	145.124	125.400	137.626
	Cash & Bank Balances	21.357	25.241	42.286
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	101.219	98.714	45.203
Total Current Assets		430.151	458.677	373.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.929	37.714	59.951
	Other Current Liabilities	22.470	18.635	37.358
	Provisions	7.371	17.792	20.384
Total Current Liabilities		63.770	74.141	117.693
Net Current Assets		366.381	384.536	255.651
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		585.580	603.793	436.954

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue	1310.074	1412.462	1870.703
		Other Income	40.918	33.982	0.188
		TOTAL (A)	1350.992	1446.444	1870.891
Less	EXPENSES
		Consumption material changes inventories	1109.377	1220.533
		Manufacturing service costs	108.962	88.333
		Contract cost	1.168	1.028
		Employee related expense	11.840	12.070
		Administrative selling other Expenses	47.908	50.248
		TOTAL (B)	1279.255	1372.212	1779.901
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.737	74.232	90.990
Less	FINANCIAL EXPENSES (D)		34.977	23.342	34.283
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		36.760	50.890	56.707
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.670	13.958	14.448
	PROFIT BEFORE TAX (E-F) (G)		18.090	36.932	42.259
Less	TAX (H)		4.377	11.764	16.441
	PROFIT AFTER TAX (G-H) (I)		13.713	25.168	25.818
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.215	14.047	8.229
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	20.000
	BALANCE CARRIED TO THE B/S		12.928	19.215	14.047
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	310.257	389.831	687.016
	TOTAL EARNINGS		310.257	389.831	687.016
	IMPORTS
		Raw Materials	21.874	64.490	8.528
		Capital Goods	0.000	0.000	3.033
	TOTAL IMPORTS		21.874	64.490	11.561
	Earnings Per Share (Rs.)		55.09	101.12	103.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.02	1.74	1.38
Net Profit Margin (PBT/Sales)	(%)	1.38	2.61	2.26
Return on Total Assets (PBT/Total Assets}	(%)	3.26	6.60	9.03
Return on Investment (ROI) (PBT/Networth)		0.12	0.26	0.36
Debt Equity Ratio (Total Liability/Networth)		3.14	3.75	3.72
Current Ratio (Current Asset/Current Liability)		6.75	6.19	3.17

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. Constitution 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	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27201DL1974PLC007114
Name of the company	RAMA STEEL TUBES LIMITED
Address of the registered office or of the principal place of business in India of the company	15/1 2nd Floorasaf Ali Road, Delhi – 110002, India
This form is for	Modification of charge
Charge identification number of the modified	10128619
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Canara Bank, Quazi Hauz, Delhi – 110006, India Email ID: ca_rcg@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Agreement for Opening Inland Irrevocable Letter of Credit dated 27.12.2010 and Counter Indemnity dated 27.12.2010
Date of instrument Creating the charge	27.12.2010
Amount secured by the charge	Rs. 200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @18%p.a. at monthly rests or at such rates as would prevail at the time of arising of any liability under the limits Commission @ 1.20%p.a. for Performance Guarantee and 1.80%p.a. for Other Guarantee. Terms of Repayment Payable on demand. Margin 10% for LC limit and 15% for BG limit. Extent and Operation of the charge 100% Others To secure all amounts payable under enhanced ILC/FLC(DA/DP) limit of Rs. 100.000 million with ILC/FLC(DA) limit of Rs. 48.000 millions as a sub-limit and enhanced Bank Guarantee limit of Rs. 100.000 million granted to/enjoyed by the Company.
Short particulars of the property charged	Hypothecation of all the goods and commodities purchased, acquired, received under LC/BG limits now lying or hereafter stored at Company's godowns, yards and premises at B-5, B-21, B-25/1, Site No. 4, Industrial Area, Sahibabad (UP) or at any other place(s) including those in transit and all the book-debts, outstandings, monies receivables, claims and bills arising out of the sale, disposal of the goods received under the said credit facilities - both present & future.
Particulars of the present modification	The charge stands enhanced from Rs. 50.000 millions to Rs. 200.000 millions to secure all amounts payable under enhanced ILC/FLC(DA/DP) limit of Rs. 100.000 millions with ILC/FLC(DA) limit of Rs. 48.000 millions as a sub-limit and enhanced Bank Guarantee limit of Rs. 100.000 millions granted to/enjoyed by the Company.

OPERATIONS OVERVIEW

Due to continued international Slowdown and Depression in Steel Tube Industry gross Turnover declined from Rs.1443.500 Millions to Rs.1347.900 Millions in the Current Year. Net Profit before Interest and depreciation was Rs.75.600 millions as against Rs.80.200 millions in the previous year thus showing decrease of 5.74%. Out of Net Profit after Taxes amounting to Rs.13.700 millions and brought forward Profits, a sum of Rs.20.000 millions is transferred to General Reserve in order to strengthen the capital Base of the Company.

CONTINGENT LIABILITIES

Contingent Liabilities not provided for in respect of :

a) Bank Guarantees of Rs.8628.200 Millions (Previous year Rs.2603.500 Millions).

b) Bills Discounted of Rs.3010.500 Millions (Previous Year NIL)

c) Leave encashment of Rs.19.200 Millions (Previous Year Rs.4.700 Millions)

d) Accrued Liability in respect of Gratuity Outstanding of Rs.257.000 Millions (Previous Year Rs.183.200 Millions)

e) Outstanding letters of credit amounting to Rs.1250.000 Millions. (Previous year Rs.2906.700 Millions)

f) Corporate Guarantees of Rs.30000.000 Millions (previous Year NIL) given to Union Bank of India on account of Bank Guarantees furnished by Union Bank of India to the Jammu and Kashmir Government on account of contracts awarded to Pir Panchal Construction Private Limited, Joint Venture, an association of person, in which our company is one of the participant.

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. 56.42
UK Pound	1	Rs. 87.38
Euro	1	Rs. 69.95

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--LISTED	YES/NO	YES
--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.