MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	MACO CORPORATION (INDIA) PRIVATE LIMITED
Registered Office :	2/5, Sarat Bose Road, “Sukhsagar Building”, 7^th Floor, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.04.2002
Com. Reg. No.:	21-094503
Capital Investment / Paid-up Capital :	Rs.25.892 Millions
CIN No.: [Company Identification No.]	U99999WB2002PTC094503
TAN No.: [Tax Deduction & Collection Account No.]	CALM04075B
PAN No.: [Permanent Account No.]	AACCM8740L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Industrial Equipments Machineries.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1930000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal 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

INFORMATION PARTED BY

Name :	Ms. Varsha
Designation :	Accounts Executive
Contact No.:	91-33-28352337
Date :	28.02.2012

LOCATIONS

Registered Office :	2/5, Sarat Bose Road, Sukhsagar Building, 7th Floor, Kolkata - 700020, West Bengal, India
Tel. No.:	91-33-24543280 / 24758371 / 24758500 / 24543200 / 24543281
Fax No.:	91-33-24543269/ 24769052
E-Mail :	kolkata@macocorporation.com rpatel@macocorporation.com
Website :	www.macocorporation.com
Area :	2000 sq. ft.
Location :	Owned
Factory 1 :	701/702, Midas Sahar Plaza, Andheri Kurla Road, Andheri East, Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28352337
Fax No.:	91-22-28632375
Location :	Owned
Warehouse :	Vashi
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mr. Nagesh M. Patel

Designation :

Director

Address :

25/A, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

25.12.1960

Date of Appointment :

11.04.2002

DIN No.:

00443530

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	U74140WB1992PTC055887	MACO MARKETING PRIVATE LIMITED	Director	7/07/1992	7/07/1992	-	Active	NO
2	U32109WB1997PTC085878	KOPPERN MACO SERVICES PRIVATE LIMITED	Managing director	12/02/1998	12/02/1998	-	Active	NO
3	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	11/04/2002	11/04/2002	-	Active	NO
4	U51109WB1995PTC072747	AASHIYANA GOODS PRIVATE LIMITED	Managing director	7/02/2003	7/02/2003	-	Active	NO
5	U74140WB1977PTC031198	PROGRESSIVE CONSULTANCY SERVICES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	-	Active	NO
6	U74999WB2006PTC107090	IMS MACO SERVICES PRIVATE LIMITED	Director	5/01/2006	5/01/2006	-	Active	NO
7	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	10/01/2006	10/01/2006	31/12/2011	Active	NO
8	U50200WB2006PTC112088	SIBRE BRAKES (INDIA) PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
9	U72400WB2007PTC114535	SUNAG IT AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
10	U74210WB2009PTC138751	METALOCK MACO ENGINEERING (INDIA) PRIVATE LIMITED	Director	7/10/2009	7/10/2009	-	Active	NO
11	U27320WB2011PTC162379	MACO ALMAMAT PRIVATE LIMITED	Director	6/05/2011	6/05/2011	-	Active	NO

Name :

Mr. Dhirajlal Hitesh Vasa

Designation :

Director

Address :

75A, Bakul Bagan Road, Kolkata – 700025, West Bengal, India

Date of Birth/Age :

18.03.1962

Date of Appointment :

01.10.2004

DIN No.:

00435289

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	U32109WB1997PTC085878	KOPPERN MACO SERVICES PRIVATE LIMITED	Director	12/11/1997	12/11/1997	27/04/2009	Active	NO
2	U24299WB1998PTC086620	SUNAG ENGINEERING PRIVATE LIMITED	Director	26/06/1998	26/06/1998	-	Active	NO
3	U27109WB2002PTC094237	ALMAMET REAGENTS (INDIA) PRIVATE LIMITED	Managing director	22/04/2002	22/04/2002	-	Active	NO
4	U36900WB2002PTC094503	MACO CORPORATION (INDIA) PRIVATE LIMITED	Director	1/10/2004	1/10/2004	-	Active	NO
5	U50200WB2006PTC112088	SIBRE BRAKES (INDIA) PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
6	U72400WB2007PTC114535	SUNAG IT AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
7	U74210WB2009PTC138751	METALOCK MACO ENGINEERING (INDIA) PRIVATE LIMITED	Director	7/10/2009	7/10/2009	26/03/2010	Active	NO

Name :

Mr. Ramesh Patel

Designation :

Director

Address :

15A, Madhav Chatterjee Lane, Kolkata-700020, West Bengal, India

Date of Birth/Age :

13.06.1947

Date of Appointment :

11.04.2002

Name :

Mr. Ketan Patel

Designation :

Director

Address :

15A, Madhav Chatterjee Lane, Kolkata-700020, West Bengal, India

Date of Birth/Age :

16.01.1973

Date of Appointment :

01.10.2004

KEY EXECUTIVES

Name :	Ms. Varsha
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Maganlal Ambavi Tilva	657500
Nagesh Maganlal Patel	481650
Prafulla Nagesh Tilva	460550
Ramesh V Patel	35750
Pravinaben Manaharlal	45650
Ketan Patel	15000
Meera Patel	2500
Narshidas Ghetia (HUF)	6000
Savitaben N Patel	4000
Narshidas Ghetia	6000
Tarun Ghetia	4000
Jamnadas Chagan Patel	100
Jitendra P Patel	100
Sunny Shatish Patel	22500
Satish V Patel	50000
Tilva Ambavi Maganlal (HUIF)	306140
Nagesh Maganlal Patel (HUF)	154160
Hiten N Gandhi	2000
Amit Patel	20000
Hina Vasa	10000
Dhirajlal Vasa	25000
Bipin G Patel	15000
Sonam Patel	20000
Pratik Patel	20000
Shila Patel	10000
Anjana R Patel	25000
Narendra Patel	89207
Tulsi Patel	100000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	3.45
Directors or relatives of Directors	96.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Industrial Equipments Machineries.
Products :	Machinery and Machinery Spares.
Imports :
Products :	Industrial Equipment Machineries
Countries :	· USA · Europe
Terms :
Selling :	Cash/ Credit (30 – 60 days)
Purchasing :	L/C/ Cash/ Credit (30 – 60 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

150 (Approximately)

Bankers :

Union Bank of India, M G Road Branch, 134/4, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India

ABN Amro Bank, 18A, Brabourne Road Branch, Kolkata, West Bengal, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
From Shareholders and Directors	19.121	14.198
From Bodies corporate	26.900	38.918
Total	46.021	53.116

Banking Relations :	--
Auditors :
Name :	D. K. Madia and Company Chartered Accountants
Address :	29 - A, Weston Street, Kolkata -700012, West Bengal, India
PAN.:	ADKPM6230D
Subsidiaries :	· IMS Maco Services Private limited CIN No : U74999WB2006PTC107090 · Sibre Brakes (India) Private Limited CIN No : U50200WB2006PTC112088 · Metalock Maco Engineering (India) Private Limited CIN No : U74210WB2009PTC138751

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2589207	Equity Shares	Rs.10/- each	Rs.25.892 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		25.892	25.892	25.892
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		456.948	322.200	192.814
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		482.840	348.092	218.706
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		46.021	53.116	63.748
TOTAL BORROWING		46.021	53.116	63.748
DEFERRED TAX LIABILITIES		0.025	0.519	0.781
TOTAL		528.886	401.727	283.235
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.293	29.949	30.434
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		119.820	103.385	8.065
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.133	56.429	38.561
	Sundry Debtors	165.262	144.126	166.660
	Cash & Bank Balances	316.048	112.213	135.962
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	134.852	232.917	153.682
Total Current Assets		697.295	545.685	494.865
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.641	75.809	103.647
	Other Current Liabilities	58.961	47.664	60.162
	Provisions	221.920	153.819	86.320
Total Current Liabilities		322.522	277.292	250.129
Net Current Assets		374.773	268.393	244.736
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		528.886	401.727	283.235

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	526.999	457.868	417.518
		Project Income	23.060	85.749	33.091
		Commission Income	115.404	141.970	122.035
		Other Income	21.881	15.797	23.056
		TOTAL (A)	687.344	701.384	595.700
Less	EXPENSES
		Purchase	315.149	309.591	305.846
		Project Expenses	20.694	69.395	18.620
		Commission Expenses	40.901	41.311	49.676
		Selling, Administrative Expenses and General Expenses	128.512	99.639	75.295
		Increase / Decrease Stock	(24.704)	(17.868)	(16.672)
		TOTAL (B)	480.552	502.068	432.765
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		206.792	199.316	162.935
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		206.792	199.316	162.935
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.438	2.692	2.871
	PROFIT BEFORE TAX (E-F) (G)		202.354	196.624	160.064
Less	TAX (H)		67.605	67.238	56.502
	PROFIT AFTER TAX (G-H) (I)		134.749	129.386	103.562
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		321.754	192.368	88.806
	BALANCE CARRIED TO THE B/S		456.503	321.754	192.368
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	109.437	141.970	0.000
	TOTAL EARNINGS		109.437	141.970	0.000
	IMPORTS
		CIF Value	199.869	244.787	204.978
	TOTAL IMPORTS		199.869	244.787	204.978
	Earnings Per Share (Rs.)		52.04	NA	NA

Expected Sales (2011-12) : Rs.800.000 Millions

The above information has been parted by Ms. Varsha.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	19.60	18.45	17.38
Net Profit Margin (PBT/Sales)	(%)	38.39	42.94	38.34
Return on Total Assets (PBT/Total Assets}	(%)	27.65	34.16	30.47
Return on Investment (ROI) (PBT/Networth)		0.42	0.56	0.73
Debt Equity Ratio (Total Liability/Networth)		0.76	0.95	1.44
Current Ratio (Current Asset/Current Liability)		2.16	1.97	1.98

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The Company has achieved a profit of Rs.134.749 Millions. However, the Directors looking forward to better prospects in coming years.

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Bankers Charges Report as per Registry

Corporate identity number of the company	U36900WB2002PTC094503
Name of the company	MACO CORPORATION (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/5, Sarat Bose Road, "Sukhsagar Building", 7th Floor, Kolkata – 700020, West Bengal, India Email : kolkata@macocorporation.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10031848
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Deposits held as margin / collateral with the Bank
Particular of charge holder	Union Bank of India, M G Road Branch, 134/4, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India Email : CBSMGROAD@CALGMO.UnionBank.com
Nature of instrument creating charge	1. Composite Hypothecation Deed (SD-20) 2. Memorandum of Deposit of Title Deeds(company)(AD-14)
Date of instrument Creating the charge	11.08.2009
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest a)Import LC(DA 90 Days) Limit Rs10.000 Millions, Usual Rate b)Letter of Guarantee Limit Rs170.000 Millions, Usual Rate Rate(s) of Interest/ commission are subject to Bank's credit policy, RBI directives and FEDAI rules Terms of repayment Entire Credit facilities comprising of a)Import LC(DA 90 Days) Limit Rs10.000 Millions and b)Letter of Guarantee Limit Rs170.000 Millions, are repayable on demand Margin a)Import LC(DA 90 Days) Limit Rs10.000 Millions, Margin 25% b)Letter of Guarantee Limit Rs170.000 Millions, Margin 25% Extent and operation of the charge 1(a)First charge by way of EM on Co's immovable property comprising of Flat No. 6C at 6th Floor on premises No.2/5Sarat Bose Road, Kolkata-20 as per memorandum (b) Hypothecation by way of First Charge on Goods under LC, Book Debts and Deposits held as Margin /Collateral with the Bank c)Floating Charge is created on the rest of Co's undertaking i.e, on all its other assets situated at 2/5, Sarat Bose Road 'Sukh Sagar' Building 7th Floor, Kolkata-20 or elsewhere or are in course of transit. Others Inter-alia to secure the aforesaid credit facilities of Rs18 Crores, sanctioned and extended by Union Bank of India, M G Road Branch to M/S Maco Corporation (India) Private Limited, the company has created charge on its assets as per paragraphs 6(a) and (b),13(d) and 14 hereunder and all other supporting security documents executed by the company in favour of the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge by Equitable Mortgage created on Co's immovable property comprising of Flat No. 6C at 6th Floor on premises No.2/5Sarat Bose Road, Kolkata-700020 as per conveyance Deed No. 2899 of 2006. Hypothecation by first charge on Goods including Tools and Machinery spares purchased under LC and stored or lying at 2/5 Sarat Bose Road or elsewhere or in course of transit. Hypothecation by way of first charge on Book Debts First charge on Deposits held as Margin /Collateral or otherwise with Union Bank of India, M G Road Branch Floating Charge created on rest of Co's undertaking i.e, on all its other assets situated at 2/5, Sarat Bose Road 'Sukh Sagar' Building 7th Floor, Kolkata-20 or elsewhere or are in course of transit
Date of instrument modifying the charge	20.06.2008
Particulars of the present modification	By this modification overall charge registered against the company, Maco Corporation (India) Private Limited in favour of Union Bank of India, M G Road Branch stands modified from earlier Rs80.000 Millions to now Rs180.000 Millions

FIXED ASSETS

• Air Conditioner
• Computer and Printer
• Fax Machine
• Motor Car
• Office Premises
• Type Writer
• Xerox Machine
• Furniture
• Scooter
• Land

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.49.85
UK Pound	1	Rs.77.97
Euro	1	Rs.65.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.