MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	TESCO INTERNATIONAL CLOTHING BRAND S.R.O.
Registered Office :	Kamenné námestie 1/A, 815 61 Bratislava
Country :	Slovakia
Financials (as on) :	01.03.2010
Date of Incorporation :	21.08.2006
Legal Form :	Limited Liability Company
Line of Business :	Non-Specialised Wholesale Trade
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	EUR 2.500.000,00
Status :	Moderate
Payment Behaviour :	No complaints
Litigation :	Clear

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)
Slovakia	B1	B1

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

COMPANY REPORTED

TESCO INTERNATIONAL CLOTHING BRAND S.R.O.

Principal Address:
Kamenné námestie 1/A
815 61 Bratislava
Slovakia
Telephone: +421-2-52636548, +421-2-52636549
Fax: +421-2-49496394
Email: info@sk.tesco-europe.com
Web: http://www.itesco.sk

Registered office:
Kamenné námestie 1/A
815 61 Bratislava
Slovakia

ICON number: 74254620
National ID: 36666696
International VAT number: SK7020000317
VAT number: SK7020000317

Registration status: 21.08.2006 - registered company

CREDIT INFORMATION SUMMARY

Insolvency Information:

According to available information sources the company is not in a insolvency/preliminary/debt regulation proceeding.

Maximum Credit:

EUR 2.500.000,00

Payment Practices:

According to our experiences payments are made regularly.

Further Rating Information:

Turnover volume of EUR 472.090.967 in the year 28.02.2011 increased by 27,94% compared with 28.02.2010. In the previous period this change was 2,09%. Fixed assets increased by EUR 878.283 and are 2,44% of total assets. Working capital of EUR 41.333.649 increased for 725,05% compared with the last period. Cash flow from results of EUR 1.208.659 increased by 3,19% compared with last year result.

Debt Collection:

There is no record of any debt collection action against this company exceeding a single case volume of EUR 500.

COMPANY DETAILS

Established:

21.08.2006

Registration:

No. 41996/B 21.08.2006 Bratislava, Slovakia

Legal Form:

21.08.2006 Limited Liability Company

History:

21.08.2006 - Tesco International Clothing Brand s.r.o.

Capital:

Nominal capital:

EUR 9.294.298,00

since 28.01.2009

Shareholders:

Full Name	Function	Address	Equity capital
TESCO HOLDINGS B.V Registration: Netherlands	Partner	Strawinskylaan 3105 1077 ZX Amsterdam Netherlands	EUR 9.201.355,00
TESCO STORES SR, a.s. Registration: No. 366/B, 21.04.1992, Bratislava, Slovakia	Partner	Kamenné nám. 1/A 815 61 Bratislava Slovakia	EUR 92.943,00

Management:

Full Name	Function	Address
DE LOECKER Stefan	Managing director	Strážna 17 Bratislava Slovakia
HIGHFIELD Sarah Louise	Managing director	Krasovského 13 Bratislava Slovakia
HOLMES Christopher Michael James	Managing director	Abinger Road 102 Chiswick, London United Kingdom
KOŽUCHOVÁ Andrea	Managing director	Na Lázku 433/12 906 38 Rohožník Slovakia
TARRY Jason Mark	Managing director	Hollydell, Morgans Road 11 Hertford, Hertfordshire United Kingdom

Person functions in other companies:

Function	Company
Other known functions of  Kožuchová Andrea
Member of the executive board	TESCO STORES SR, a.s. (SK) National ID: 31321828

Legal Representation:

If more than one managing director is nominated, the firm is represented jointly by two managing directors.

KEY DATA ON OPERATIONS

Subject of Operation:

NACE   main activity:   4690 Non-specialised wholesale trade   5210 Warehousing and storage   6920 Accounting, bookkeeping and auditing activities; tax consultancy   7022 Business and other management consultancy activities NACE codes given are based on the most recent NACE Revision 2.

Company Development:

Positive business development

Key Data:

Amounts shown in Euro (EUR)
	01.03.2010-28.02.2011	01.03.2009-28.02.2010	01.03.2008-28.02.2009	01.03.2007-28.02.2008
Turnover	472.090.967	369.004.803	361.452.049	283.617.805
Non-current assets	6.121.357	5.243.074	6.182.985	5.725.387
Equity	10.218.935	10.169.391	10.137.207	10.105.158
Sum of Liabilities	240.337.841	130.340.034	147.401.060	127.715.495
Profit for accounting period	49.545	40.000	40.000	2.687.546
Operating result - profit (before tax)	84.324	72.256	64.829	66.355

Workforce:

	28.02.2011	28.02.2007
Total workforce	0	0

FINANCIAL INFORMATION

Financials:

Amounts shown in Euro (EUR)		01.03.2010-28.02.2011	01.03.2009-28.02.2010	01.03.2008-28.02.2009	01.03.2007-28.02.2008
	BALANCE SHEET
	ASSETS
	TOTAL ASSETS	250.556.776,00	140.509.425,00	157.538.267,00	146.312.886,00
A.	NON-CURRENT ASSETS	6.121.357,00	5.243.074,00	6.182.985,00	5.725.387,00
I.	Intangible fixed assets	0,00	0,00	0,00	0,00
1.	Incorporation expenses	0,00	0,00	0,00	0,00
2.	Research and development costs	0,00	0,00	0,00	0,00
3.	Software	0,00	0,00	0,00	0,00
4.	Valuable rights	0,00	0,00	0,00	0,00
5.	Goodwill	0,00	0,00	0,00	0,00
6.	Other intangible fixed assets	0,00	0,00	0,00	0,00
7.	Intangible fixed assets in acquisition	0,00	0,00	0,00	0,00
8.	Advance payments for intangible fixed assets	0,00	0,00	0,00	0,00
II.	Tangible fixed assets	6.121.357,00	5.243.074,00	6.182.985,00	5.725.387,00
1.	Land	0,00	0,00	0,00	0,00
2.	Structures	17.159,00	25.406,00	33.652,00	0,00
3.	Separate movable assets and sets of moveables	4.174.901,00	5.217.668,00	6.149.333,00	5.725.387,00
4.	Natural agricultural assets	0,00	0,00	0,00	0,00
5.	Livestock and draught animals	0,00	0,00	0,00	0,00
6.	Other tangible fixed assets	0,00	0,00	0,00	0,00
7.	Tangible fixed assets in acquisition	1.929.297,00	0,00	0,00	0,00
8.	Advance payments for tangible fixed assets	0,00	0,00	0,00	0,00
9.	Correction item to acquired assets	0,00	0,00	0,00	0,00
III.	Long-term financial investments	0,00	0,00	0,00	0,00
1.	Shares and ownership interests in subsidiaries	0,00	0,00	0,00	0,00
2.	Shares and ownership interests in associates	0,00	0,00	0,00	0,00
3.	Other long-term securities and ownership interests	0,00	0,00	0,00	0,00
4.	Loans to entities in consolidation field	0,00	0,00	0,00	0,00
5.	Other long-term financial assets	0,00	0,00	0,00	0,00
6.	Loans due in one year	0,00	0,00	0,00	0,00
7.	Long-term financial assets in acquisition	0,00	0,00	0,00	0,00
8.	Advance payments for long-term financial assets	0,00	0,00	0,00	0,00
B.	CURRENT ASSETS	229.995.089,00	129.910.825,00	124.658.200,00	130.378.245,00
I.	Inventory	132.635.833,00	59.178.906,00	85.110.327,00	68.367.888,00
1.	Material	0,00	0,00	0,00	0,00
2.	Work-in-progress and own semi-finished products	0,00	0,00	0,00	0,00
3.	Construction contracts with anticipated expiry period exceeding one year	0,00	0,00	0,00	0,00
4.	Finished products	0,00	0,00	0,00	0,00
5.	Livestock	0,00	0,00	0,00	0,00
6.	Merchandise	132.635.833,00	59.178.906,00	85.110.327,00	68.367.888,00
7.	Advance payments for inventory	0,00	0,00	0,00	0,00
II.	Long-term receivables	0,00	0,00	0,00	0,00
1.	Trade receivables	0,00	0,00	0,00	0,00
2.	Receivables from subsidiaries and controlling entity	0,00	0,00	0,00	0,00
3.	Other receivables from entities in consolidation field	0,00	0,00	0,00	0,00
4.	Receivables from partners, members and consortium	0,00	0,00	0,00	0,00
5.	Other receivables	0,00	0,00	0,00	0,00
6.	Deferred tax assets	0,00	0,00	0,00	0,00
III.	Short-term receivables	93.519.580,00	55.858.789,00	38.674.171,00	61.829.616,00
1.	Trade receivables	82.042.815,00	47.570.847,00	19.032.238,00	50.854.179,00
2.	Receivables from subsidiaries and controlling entity	0,00	0,00	0,00	0,00
3.	Other receivables from entities in consolidation field	0,00	0,00	0,00	0,00
4.	Receivables from partners, members and consortium	0,00	0,00	0,00	0,00
5.	Social security	0,00	0,00	0,00	0,00
6.	Tax assets and grants	11.476.765,00	6.391.545,00	11.227.180,00	10.975.437,00
7.	Other receivables	0,00	1.896.397,00	8.414.753,00	0,00
IV.	Financial accounts	3.839.676,00	14.873.130,00	873.702,00	180.741,00
1.	Cash in hand	0,00	0,00	0,00	0,00
2.	Bank accounts	3.839.676,00	14.873.130,00	873.702,00	180.741,00
3.	Bank accounts bound for period exceeding one year	0,00	0,00	0,00	0,00
4.	Short-term financial assets	0,00	0,00	0,00	0,00
5.	Short-term financial assets in acquisition	0,00	0,00	0,00	0,00
C.	ACCRUED AND DEFERRED ITEMS	14.440.330,00	5.355.526,00	26.697.082,00	8.216.126,00
1.	Prepaid expenses - long-term	0,00	0,00	0,00
2.	Prepaid expenses - short-term	692.512,00	755.890,00	1.383.833,00	2.700.524,00
3.	Accrued income - long-term	0,00	0,00	0,00
4.	Accrued income - shortterm	13.747.818,00	4.599.636,00	25.313.249,00	5.515.601,00
	LIABILITIES
	TOTAL LIABILITIES AND EQUITY	250.556.776,00	140.509.425,00	157.538.267,00	146.312.886,00
A.	EQUITY	10.218.935,00	10.169.391,00	10.137.207,00	10.105.158,00
I.	Registered capital	9.294.298,00	9.294.298,00	9.294.298,00	9.294.297,00
1.	Registered capital (paid)	9.294.298,00	9.294.298,00	9.294.298,00	9.294.297,00
2.	Treasury stocks and treasury shares	0,00	0,00	0,00	0,00
3.	Changes in registered capital	0,00	0,00	0,00	0,00
4.	Amounts receivable for subscribed capital	0,00	0,00	0,00	1.993.129,00
II.	Capital funds	0,00	0,00	0,00	0,00
1.	Share premium	0,00	0,00	0,00	0,00
2.	Other capital funds	0,00	0,00	0,00	0,00
3.	Legal reserve fund (Non-distributable fund) from capital contributions	0,00	0,00	0,00	0,00
4.	Asset and liability revaluation reserve	0,00	0,00	0,00	0,00
5.	Financial investments revaluation reserve	0,00	0,00	0,00	0,00
6.	Revaluation reserve from mergers and separations	0,00	0,00	0,00	0,00
III.	Funds from profit	137.588,00	135.979,00	134.377,00	0,00
1.	Legal reserve fund	137.588,00	135.979,00	134.377,00	0,00
2.	Non-distributable fund	0,00	0,00	0,00	0,00
3.	Statutory and other funds	0,00	0,00	0,00	0,00
IV.	Profit/Loss from prior years	737.504,00	706.930,00	676.479,00	-1.876.685,00
1.	Non-distributed profit from prior years	737.504,00	706.930,00	676.479,00	0,00
2.	Accumulated losses from prior years	0,00	0,00	0,00	-1.876.685,00
V.	Profit/Loss for current accounting period (after tax)	49.545,00	32.184,00	32.053,00	2.687.546,00
B.	SUM OF LIABILITIES	240.337.841,00	130.340.034,00	147.401.060,00	127.715.495,00
I.	Provisions	6.304.434,00	1.314.190,00	0,00	5.161.854,00
1.	Legal provisions - long-term	0,00	0,00	0,00	0,00
2.	Legal provision - short-term	0,00	0,00	0,00
3.	Other long-term provisions	0,00	0,00	0,00	0,00
4.	Other current provisions	6.304.434,00	1.314.190,00	0,00	5.161.854,00
II.	Long-term liabilities	37.236.071,00	83.538,00	43.227.800,00	67.782,00
1.	Long-term trade liabilities	0,00	0,00	0,00	0,00
2.	Long-term liabilities unbilled	0,00	0,00	0,00	0,00
3.	Long-term liabilities to subsidiaries and controlling entity	0,00	0,00	43.152.078,00	0,00
4.	Other long-term liabilities to entities in consolidation field	37.152.078,00	0,00	0,00	0,00
5.	Long-term advance payments received	0,00	0,00	0,00	0,00
6.	Long-term bills of exchange to be paid	0,00	0,00	0,00	0,00
7.	Bonds issued	0,00	0,00	0,00	0,00
8.	Social fund payable	0,00	0,00	0,00	0,00
9.	Other long-term payables	0,00	0,00	0,00	0,00
10.	Deferred tax liability	83.993,00	83.538,00	75.722,00	67.782,00
III.	Short-term liabilities	196.797.336,00	128.942.306,00	102.973.375,00	113.761.734,00
1.	Trade payables	158.566.654,00	66.955.441,00	71.967.275,00	57.103.897,00
2.	Liabilities unbilled	18.547.132,00	18.696.104,00	15.736.996,00	730.897,00
3.	Liabilities to subsidiaries and controlling entity	7.090.159,00	0,00	15.240.231,00	43.660.194,00
4.	Other liabilities to entities in consolidation field	0,00	43.220.015,00	0,00	0,00
5.	Payable to partners and consortium	0,00	0,00	0,00	0,00
6.	Employee liabilities	0,00	0,00	0,00	0,00
7.	Social security payables	0,00	0,00	0,00	0,00
8.	Tax liability and subsidies	0,00	0,00	0,00	0,00
9.	Other payable	12.593.391,00	70.746,00	28.873,00	12.266.746,00
IV.	Short-term financial assistance	0,00	0,00	0,00	0,00
V.	Bank loans	0,00	0,00	1.199.885,00	8.724.125,00
1.	Long-term bank loans	0,00	0,00	0,00	0,00
2.	Short-term bank loans	0,00	0,00	1.199.885,00	8.724.125,00
C.	ACCRUED AND DEFERRED ITEMS	0,00	0,00	0,00	8.492.233,00
1.	Accrued expenses - long-term	0,00	0,00	0,00
2.	Accrued expenses - short-term	0,00	0,00	0,00	8.492.233,00
3.	Deffered income - short-term	0,00	0,00	0,00
4.	Deferred income - short-term	0,00	0,00	0,00	0,00
	BALANCE SHEET TOTAL	250.556.776,00	140.509.425,00	157.538.267,00	146.312.886,00
	STATEMENT OF PROFIT AND LOSS
	TURNOVER	472.090.967,00	369.004.803,00	361.452.049,00	283.617.805,00
	Sales of goods bought for resale	402.324.548,00	316.136.921,00	309.620.301,00	247.353.017,00
A.	Cost of goods sold	402.268.409,00	316.136.921,00	309.620.301,00	247.353.017,00
*	Gross margin	56.139,00	0,00	0,00	0,00
	Production	69.766.419,00	52.867.882,00	51.831.748,00	36.264.788,00
	Sales of own products and services	69.766.419,00	52.867.882,00	51.831.748,00	36.264.788,00
1.	Changes in stock of finished products and work-in-progress	0,00	0,00	0,00	0,00
2.	Own work capitalized	0,00	0,00	0,00	0,00
B.	Consumables and services purchased	68.709.746,00	51.388.054,00	51.159.207,00	32.308.969,00
1.	Consumed material, energy and other non-inventory items	1.382.589,00	1.564.144,00	1.864.626,00	901.447,00
2.	Services	67.327.157,00	49.823.910,00	49.294.581,00	31.407.522,00
*	Added value	1.112.812,00	1.479.828,00	672.541,00	3.955.819,00
C.	Personnel expenses	0,00	0,00	0,00	0,00
1.	Wages and salaries	0,00	0,00	0,00	0,00
2.	Remuneration of board and co-operative members	0,00	0,00	0,00	0,00
3.	Social insurance	0,00	0,00	0,00	0,00
4.	Other social security expenses	0,00	0,00	0,00	0,00
D.	Taxes and charges	85,00	138,00	0,00	133,00
E.	Depreciation of intangible and tangible fixed assets	1.159.114,00	1.131.261,00	1.014.957,00	573.856,00
	Sales of fixed assets and inventory	0,00	0,00	0,00	169.057,00
F.	Net book value of fixed assets and inventory sold	0,00	0,00	0,00	202.748,00
G.	Provisions created and reserved for operating activities	9.713,00	19.836,00	24.761,00	0,00
	Other operating income	426.323,00	153.769,00	484.559,00	194.682,00
H.	Other operating expenses	285.899,00	410.106,00	52.553,00	3.476.466,00
	Transfer of operating income	0,00	0,00	0,00	0,00
I.	Transfer of operating expenses	0,00	0,00	0,00	0,00
*	Operating profit/loss (before tax)	84.324,00	72.256,00	64.829,00	66.355,00
	Proceeds from sale of securities and ownership interests	0,00	0,00	0,00	0,00
J.	Security and ownership interest disposals	0,00	0,00	0,00	0,00
	Revenues from long-term financial investments	0,00	0,00	0,00	0,00
1.	Revenues from securities and ownership interests in subsidiaries and associates	0,00	0,00	0,00	0,00
2.	Revenues from other long-term securities and ownership interests	0,00	0,00	0,00	0,00
3.	Revenues from other long-term financial investments	0,00	0,00	0,00	0,00
	Revenues from short-term financial assets	0,00	0,00	0,00	0,00
K.	Expenses related to short-term financial assets	0,00	0,00	0,00	0,00
	Gains from revaluation of securities and financial derivative instrument transactions	0,00	0,00	0,00	11.408.020,00
L.	Expenses related to revaluation of securities and financial derivative instrument transactions	0,00	0,00	0,00	11.408.020,00
M.	Provisions created and reserved for fiancial asets	0,00	0,00	0,00	0,00
	Interest income	0,00	0,00	0,00	0,00
N.	Interest expense	0,00	0,00	0,00	0,00
	Foreign exchange gains	0,00	0,00	0,00	2.317.367,00
O.	Foreign exchange losses	0,00	0,00	0,00	0,00
	Other revenue from financing activities	214,00	175,00	189,00	33,00
P.	Other costs of financing activities	34.538,00	32.431,00	25.018,00	19.916,00
	Transfer of financial revenues	0,00	0,00	0,00	0,00
Q.	Transfer of financial costs	0,00	0,00	0,00	0,00
*	Profit/Loss from financing activities (before tax)	-34.324,00	-32.256,00	-24.829,00	2.297.484,00
*	Profit/Loss from ordinary activities (before tax)	50.000,00	40.000,00	40.000,00
R.	Income taxes on ordinary activities	455,00	7.816,00	7.947,00	-323.707,00
1.	Income taxes on ordinary activities - current	0,00	0,00	0,00	-391.489,00
2.	Income taxes on ordinary activities - deferred	455,00	7.816,00	7.947,00	67.782,00
*	Profit/Loss from ordinary activities (after tax)	49.545,00	32.184,00	32.053,00	2.687.546,00
	Extraordinary revenue	0,00	0,00	0,00	0,00
S.	Extraordinary expenses	0,00	0,00	0,00	0,00
*	Profit/Loss from extraordinary activities (before tax)	0,00	0,00	0,00
T.	Income taxes on extraordinary activities	0,00	0,00	0,00	0,00
1.	Income taxes on extraordinary activities - current	0,00	0,00	0,00	0,00
2.	Income taxes on extraordinary activities - deferred	0,00	0,00	0,00	0,00
*	Profit/Loss from extraordinary activities (after tax)	0,00	0,00	0,00	0,00
*	Profit/Loss for accounting period (before tax)	50.000,00	40.000,00	40.000,00
U.	Profits of partnership transferred to partners	0,00	0,00	0,00	0,00
*	Profit/Loss for accounting period (after tax)	49.545,00	40.000,00	40.000,00	2.687.546,00

The Liabilities - against motter company .

Efectively from January 1st 2009, the Slovakian currency SKK was changed
and replaced by new currency EUR. The conversion rate: 1 EUR = 30,1260 SKK.
The financial statements issued after 01.01.2009 have to be in EUR. In
order to compare the financial statements with previous years all financial
indicators were also converted by the new exchange rate.
The financial indicators are stated without decimal number. The differences
in total or sub-total rows may be caused by rounding of indicators.

Approximate Exchange Rates:

2010: 0,75 EUR = 1 USD 2009: 0,69 EUR = 1 USD 2008: 0,71 EUR = 1 USD 2007: 0,76 EUR = 1 USD

Financial data source:

28.02.2011: 28.02.2010: 28.02.2009: 28.02.2008:

Financial Comments:

The balance sheet data are from official sources. The company is obliged by law to publish its financial statements. Disclosure of company’s current financial data was refused.

Ratios:

	01.03.2010-28.02.2011	01.03.2009-28.02.2010	01.03.2008-28.02.2009	01.03.2007-28.02.2008
Current Ratio Current assets / Current liabilities	1,17	1,01	1,20	1,06
Quick Ratio (Current assets-Inventory) / Current liabilities	0,49	0,55	0,38	0,51
Leverage (%) Long-term liabilities / Equity*100	364,38	0,82	426,43	0,67
Debt Ratio (%) Sum of Liabilities/Total Assets*100	95,92	92,76	93,57	87,29
Equity ratio, in % Equity / Total liabilities * 100	4,08	7,24	6,43	6,91
Sales to Total Assets Turnover/Total Assets	1,88	2,63	2,29	1,94
Collection period in days Receivables / Turnover * 360	72,11	55,10	38,95	79,35
Liabilities Maturity date Liabilies / Turnover * 360	180,45	127,28	147,23	146,09
Inventory rotation in days Inventory / Turnover*360	102,27	58,38	85,71	87,74
Return on Sales (%) ROS Profit/Loss for accounting period/Turnover*100	0,01	0,01	0,01	0,95
Return on Assets (%) ROA Profit/Loss for accounting period/Total Assets*100	0,02	0,03	0,03	1,84
Return on Equity (%) ROE Profit/Loss for accounting period/Equity*100	0,48	0,39	0,39	26,60

ADDITIONAL INFORMATION

Central Register of Right of Liens:

no

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.39

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	--

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%)

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.