MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	NTF (INDIA) PRIVATE LIMITED
Registered Office :	4812/24, Ansari Road, Darya Ganj, Delhi – 110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.1996
Com. Reg. No.:	55-078410
Capital Investment / Paid-up Capital :	Rs.26.191 Millions
CIN No.: [Company Identification No.]	U26102DL1996PTC078410
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Parts.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 430000
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 – 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 :	4812/24, Ansari Road, Darya Ganj, Delhi - 110002, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	akjain05@rediffmail.com info@ntfindia.net jaskansal@yahoo.co.in
Website :	http://www.ntfindia.com
Factory / Corporate Office :	Plot No.49, Sector – 3, IMT Manesar, Gurgaon - 122050, Haryana, India
Tel. No.:	91-124-4369441/ 2/ 3/ 4/ 4840453/ 444/ 4840445 thru 61
Fax No.:	91-124-4369462
Germany Office :	Obengönrath 7, 42655 Solingen, Germany
Tel. No.:	91-49-212 6458771
Fax No.:	91-49-212 6458773
E-Mail :	lmcger@aol.com
Website :	www.glocalworld.com
Branch Office :	MUMBAI : Address: Vandana, Shop No. 8, Subhash Lane, Malad East, Mumbai - 400 097, Maharashtra, India Phone : 91-22-28835423/ 28828230 email : nityanam@vsnl.com CHENNAI : Address: Plot No. AP 866 ‘H’ Block, (Off 12th Main Road) Anna Nagar, Chennai - 600 040, Tamil Nadu, India Phone : 91-44-26162158 / 42170792 email : excelsior2001@vsnl.net PUNE : Address: Rohan Enterprises, Sr. No. 121, Vadhmukhwadi, Village Charholi, Dighi - Alandi Road, Behind Sai Baba Mandir, Pune - 412105, Maharashtra, India Phone : 91-020-27185016 / 25139114 email : rohanent@satyam.net.in ITALY : Address: Strada ai Losani 10064 Pinerolo (TO), Italy Phone / Fax : 91-39 0121 376955 email : elda.priotti@eppartners.it

DIRECTORS

As on 30.09.2011

Name :

Mr. Mahesh Kumar Jain

Designation :

Managing Director

Address :

III - B/46-C, Nehru Nagar, Ghaziabad - 201001, Uttar Pradesh, India

Date of Birth/Age :

01.01.1938

Date of Appointment :

25.04.1996

DIN No.:

00032220

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	U74899DL1984PTC018125	NAV TEXFAB PRIVATE LIMITED	Director	15/01/1986	15/01/1986	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
3	U25517DL2006PTC152634	NTF TECHNIK INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO

Name :

Mr. Naveen Jain

Designation :

Director

Address :

87, Arjun Marg, DLF Phase - I, Gurgaon - 122001, India

Date of Birth/Age :

14.02.1965

Date of Appointment :

25.04.1996

DIN No.:

01112683

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	U74899DL1984PTC018125	NAV TEXFAB PRIVATE LIMITED	Director	1/9/1987	1/9/1987	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
3	U25517DL2006PTC152634	NTF TECHNIK INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO

Name :

Mrs. Neeta Jain

Designation :

Director

Address :

87, Arjun Marg, DLF Phase - I, Gurgaon - 122001, India

Date of Birth/Age :

25.01.2007

Date of Appointment :

25.01.2007

DIN No.:

01916326

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	U72200HR2000PTC034562	DIGITAL MODEL (3D) PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	YES
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mahesh Kumar Jain	329210
Naveen Jain	635210
Neeta Jain	294090
Kamla Devi Jain	68500
Mahesh Jain (HUF)	195300
Naveen Jain (HUF)	190800
Narayan Dixit	5000
Kiran Bala	5000
Ritu Sheshodia	5000
Kishoore Sethi	5000
Tarsem Kumar Pathania	5000
Sunil Kumar	7500
A. K Jain (HUF)	10
Navita Jain	6000
Naman Jain	800
Reena Oil Industry	10000
IKA Processors Private Limited, India	10000
Gaurav Holdings Private Limited, India	10000
Dukecorp Estates Private Limited, India	10000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	23.00
Directors or relatives of Directors	77.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Parts.

Products :

Products Description	Item Code No.
Frphard Top	87089900
Frptray	87089900

· Rear Parcel Tray 

· Spoiler 

· Door Trim and Inserts

· Mud Flap

· Car Styling Kits

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
RTM (Equivlant to 1 Hard Top)	Nos. / Set.	6000	4109
RTM (Others)	Nos. / Set.	50000	0.000
TCM (Equivalent I Tray)	Nos. / Set.	600000	877789
Injection Moulding	Nos. / Set.	100000	52908
PU RRIM	Nos. / Set.	50000	82048

GENERAL INFORMATION

Customers :

· Maruti Suzuki

· Toyota

· Ford

· Fiat

· Hindustan Motors

· Honda

· Hispacold

· Mahindra

· GE Transportation

· Krishna Maruti

· Avanti

· Bharat Electronics

· Caterpillar

· Sumi Motherson

· Rail Coach Factory

· New Holland Construction

· Logan Renault

No. of Employees :

500 (Approximately)

Bankers :

Bank of Baroda, 42, Old Judical Complex, Jharsa Road, Gurgaon-122001, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of Baroda C/C		162.930
Bank of Baroda T/L III (1577)		23.190
Bank of Baroda T/L III (1576)		29.443
Bank of Baroda TL 324		4.576
Bank of Baroda Advance Bills Debited		0.000
Haryana State Industries Development Corporation Limited (Secured against the hypothecation of Land, Building, Plant and Machinery and Others Fixed Assets / Investment of the Company and guaranteed by the Directors)	289.309	68.611
Maruti Udyog Limited- Car Loan		1.951
HDFC Bank Limited Skoda Car Loan		1.551
Chollamandlam Investment and Finance Limited (Secured against hypothecation of cars)		0.000
Total	289.309	292.252
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
(From Shareholders and Directors)		41.711
Fully convertible debenture (Three Years)	76.869	10.100
Inter Corporate		36.080
Total	76.869	87.891

Banking Relations :	--
Auditors :
Name :	K. C. Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi - 110002, India
Tel. No.:	91-11-23282884-6
Fax No.:	91-11-2322881
E-Mail :	akjain05@rediffmail.com
PAN.:	AAEFK4992K
Sister Concern :	· Nav Texfab Private Limited · NTF Technick Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.29.224 Millions

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
2649120	Equity Shares	Rs.10/- each	Rs.26.491 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		26.191	23.681	23.681
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.671	48.126	42.784
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		107.862	71.807	66.465
LOAN FUNDS
1] Secured Loans		289.309	292.252	312.439
2] Unsecured Loans		76.869	87.891	86.071
TOTAL BORROWING		366.178	380.143	398.510
DEFERRED TAX LIABILITIES		23.571	25.593	28.293
TOTAL		497.611	477.543	493.268
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		182.273	204.414	197.518
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.400	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	292.262	299.211	321.869
	Sundry Debtors	147.613	97.701	66.431
	Cash & Bank Balances	11.492	6.583	3.865
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	53.307	30.653	45.682
Total Current Assets		504.674	434.148	437.847
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.291	73.775	65.395
	Other Current Liabilities	91.282	90.918	10.500
	Provisions	0.000	0.000	71.713
Total Current Liabilities		191.573	164.693	147.608
Net Current Assets		313.101	269.455	290.239
MISCELLANEOUS EXPENSES		1.837	3.674	5.511
TOTAL		497.611	477.543	493.268

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	726.920	492.615	350.470
		Other Income
		TOTAL	726.920	492.615	350.470
Less	EXPENSES
		Office Expenses
		Administrative Expenses	672.170	452.456	314.707
		Advertising Expenses
		TOTAL	672.170	452.456	314.707
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		54.750	40.159	35.763
Less/ Add	DEPRECIATION/ AMORTISATION		36.000	28.089	33.651
	PROFIT BEFORE TAX		18.750	12.070	2.112
Less	TAX		6.550	1.907	1.710
	PROFIT AFTER TAX		12.200	10.163	0.402
	EARNINGS IN FOREIGN CURRENCY		22.691	13.018	17.422
	IMPORTS
		Raw Materials	96.665	72.545
		Moulds Purchase	10.311	6.631	71.590
		Stores & Spares	1.748	1.023
		Capital Goods	4.818	14.778
		Scale Car Model Purchase	6.849	0.000
	TOTAL IMPORTS		120.391	94.977	71.590
	Earnings Per Share (Rs.)		4.66	4.29	0.17

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.68	2.06	0.11
Return on Total Assets (PBT/Total Assets}	(%)	2.73	1.89	0.33
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.03
Debt Equity Ratio (Total Liability/Networth)		5.17	7.59	8.21
Current Ratio (Current Asset/Current Liability)		2.63	2.64	2.97

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	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	--
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

Note:

The registered office of the company has been shifted from 25/23 Old Rajinder Nagar, New Delhi – 110060, India” to present address w.e.f.01.03.2008

WORKING RESULTS:

The performance of the company has bet satisfactory. There has been a increase in turnover of the company during the year over thelat year by 47.56%. There have been steeprises expenditure on financial cost and Deprecation and as result the profit has been low during the year.

The company will do good business during the current year; The Company has been able to add some more products in its product range, which will improve the working in the current year. The export market growth during the year has been good, the company has been receiving number of inquiries and the same are fructifying into business.

Prospects: The current year appears to be better than the last year with large number of developments underway some of them would go into commercial production as already planned and supplies to the customers would start this also include some export orders. We hope to further improve our working and profitability during the current year. The company also hopes to add some more overseas buyers in its list of clients.

CONTINGENT LIABILITY (As on 31.03.2011)

Contingent liability towards Guarantee issued by bank amount to Ts.23.983 Millions (Previous year Rs.6.548 Millions), the Foreign Letter of Credits Rs.19.724 Millions (Previous year Rs.10.036 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U26102DL1996PTC078410
Name of the company	NTF India Private Limited
Address of the registered office or of the principal place of business in India of the company	4812/24, Ansari Road, Darya Gunj, Delhi - 110002, India akjain05@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80000655
Type of charge	· Book debts · Others (STOCK)
Particular of charge holder	Bank of Baroda, 42, Old Judical Complex, Jharsa Road, Gurgaon-122001, Haryana, India gurgao@bankofbaroda.com
Nature of instrument creating charge	Letter of continuing security, letter of undertaking letter of confirmation of creation/extension of mortgage
Date of instrument Creating the charge	16.09.2011
Amount secured by the charge	Rs.225.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock and book debts
Date of instrument modifying the charge	13.09.2010
Particulars of the present modification	Limit enhanced from Rs.145.000 Millions to Rs.225.000 Millions including Rs.25.000 Millions WCDL

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· D G Sets

· Tools, Jigs and Fixtures

· Furniture and Fixtures

· Office Equipments

· Moulds

· Moulds Work in Progress

· Tube Well and Pumps

· Car / Commercial Vehicle

· Computers

· Air Conditioners

WEB SITE DETAILS

PROFILE

In the year 1984, NAV TEXFEB was established in the industrial town of Ghaziabad, India. With the ever evolving technology and culture of automotives during India’s quest for modernization and globalization, in 1998, NTF INDIA PRIVATE LIMITED was founded and shifted it’s base to Manesar, Gurgaon, a well organized industrial estate complete with all modern amenities in Haryana. NTF pioneered the mass scale resin transfer moulding Composite and Engineering Plastics production in the country. Having a fully industrialized state-of-the-art RTM Technology Plant, it also claims to be the first to set up the wood-stock Composite and Engineering Plastics production plant using thermocompression technology. Seeking technical know how, machinery and training from international experts, NTF has diversified into segments, like components for Car Interior and Exterior, Locomotives / Railways, Windmills, Medical and Defence, Tractor Body Parts and Airport Furniture. The Company is also making components in AZDEL, a special material, solely manufactured by AZDEL BV.

NTF has further diversified in the field of Injection Moulding. In a pioneering effort, first of its kind in the country, Reaction Injection Moulding Technology (Polyurethane and DCPD) has also been added, moving towards advanced Composites and Engineering Plastics to provide the customer a wider platform. Today with almost 20 years of experience in the field of Composites and Engineering Plastics , NTF is capable of designing and developing challenging components. Under the stringent supervision of the process control personnel, many variables are processed, coupled with high quality raw material sourced from the very best available internationally.

NTF’s ideology of low cost solutions results in low to medium / high volume production runs, with less manual work and consistency in the product’s quality. It’s core strength lies in good engineering base that brings the latest technology to the customer’s doorstep. The key personnel are trained in countries like Italy, France, UK and Japan. Operating cross functionally, they are well versed with the processes of conceptualization to component development, tooling, production and product launch. The working and quality management systems of the Company are as per the norms set by ISO / TS 16949 - 2002. The environment health and safety statutory norms are followed strictly keeping in view the well being of each worker and maintaining the surroundings clean and green. The management team is young, experienced, energetic and fully motivated, high on team spirit. With this great infrastructure and good team effort

NTF is ready to face the challenges ahead and grow as one of the desired companies for such components and it’s services. Today, NTF is rated as a supplier with a Numero uno tag. Every one associated with the Company has utmost faith in it’s paramount quality control and systems, be it the Kanban Delivery System or the on-line fitment of parts. In this sunrise industry, NTF has already successfully attained the single source status for almost all the components. Not the one to sit back on its laurels, NTF is already eyeing the vast export market and forging ahead with new diversifications, new products and the latest technology.

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

NTH

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	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.