MIRA INFORM REPORT

Report Date :

25.05.2012

IDENTIFICATION DETAILS

Name :	APARNA PAPER PROCESSING INDUSTRY PRIVATE LIMITED
Registered Office :	Kabraparap O, Bankra, P S Domjur, Howrah – 711403, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1980
Com. Reg. No.:	21-033055
Capital Investment / Paid-up Capital :	Rs.10.305 Millions
CIN No.: [Company Identification No.]	U21093WB1980PTC033055
TAN No.: [Tax Deduction & Collection Account No.]	CALA01078A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Poly Coated Paper and Paper Board.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 380000
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

INFORMATION PARTED BY

Name :	Mr. Shrikant
Designation :	Factory Manager
Contact No.:	91-9345457989
Date :	22.05.2012

LOCATIONS

Registered Office/ Head office :	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal, India
Tel. No.:	91-33-26531445/ 26533628
Mobile No :	91-9345457989 (Mr. Shrikant)
Fax No.:	91-33-26605384
E-Mail :	cpplpon@creativepolypack.com shrikant@creativepolypack.com cpplfsr@vsnl.net.in cpplfsr@vsnl.com cplkol@creativepolypack.com
Websites :	http://www.creativepolypack.com
Location :	Owned
Factory :	R. S. No. 17/3,5,7 and 10, Sedarapet, Puducherry – 605111, India
Tel. No.:	91-413-2678606/ 2678707
E-Mail :	cpplpon@creativepolypack.com
Factory 1 :	Dakhinbari, Rajapur, Domjur, Howrah – 711409, West Bengal, India
Tel. No.:	91-3326704692 / 03332421464
Factory 2 :	G-69, UPSIDE Industrial Area, Jainpur Gajneer Road, Kanpur- Dehat – 209311, Uttar Pradesh, India
Tel. No.:	91-5111-220279 / 5111220317
Factory 3:	Khasra No. 168 / 169 Barotiwala, Haripur Road, Village- Domowala, District – Solan – 174103, Himachal Pradesh, India
Tel. No.:	91-179-2320038

DIRECTORS

As on 26.08.2011

Name :

Mr. Giriraj Maheshwari

Designation :

Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

06.05.1980

Date of Appointment :

15.06.1998

DIN No.:

00796252

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	U21014WB1986PLC040807	Creative Polypack Limited	Whole-time director	15-06-98	15-06-98	Active	NO
2	U21093WB1980PTC033055	Aparna Paper Processing Industry Private Limited	Whole-time director	15-06-98	15-06-98	Active	NO
3	U67120WB1984PTC037274	Vibgyor Printing and Packaging Private Limited	Whole-time director	15-06-98	15-06-98	Active	NO
4	U36991WB1986PTC040505	A V G Ink Private Limited	Whole-time director	11-04-03	11-04-03	Active	YES
5	U74899WB1990PTC129642	Aparna Print Pack Private Limited	Whole-time director	11-04-03	11-04-03	Active	YES
6	U21015WB1990PTC048259	Creative Laminators and Print Pack Private Limited	Whole-time director	11-04-03	11-04-03	Active	YES
7	U21093WB1978PTC031521	Creative Products Private Limited	Whole-time director	11-04-03	11-04-03	Active	NO
8	U27101WB1983PLC154615	Arvind Press Caps Limited	Director	25-08-04	25-08-04	Active	NO

Name :

Mr. Binod Kumar Maheshwari

Designation :

Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

15.10.1980

Din No.:

00469637

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	U21093WB1978PTC031521	Creative Products Private Limited	Whole-time director	09-06-78	09-06-78	Active	NO
2	U21093WB1980PTC033055	Aparna Paper Processing Industry Private Limited	Whole-time director	15-10-80	15-10-80	Active	NO
3	U01132WB1955PTC022727	Halmira Estate Tea Private Limited	Director	15-10-84	15-10-84	Active	NO
4	L51109WB1982PLC034798	Umang Commercial Company Limited	Director	25-01-85	25-01-85	Active	NO
5	U21014WB1986PLC040807	Creative Polypack Limited	Whole-time director	16-06-86	16-06-86	Active	NO
6	U21015WB1990PTC048259	Creative Laminators and Print Pack Private Limited	Whole-time director	23-01-90	23-01-90	Active	YES
7	U36991WB1986PTC040505	A V G Ink Private Limited	Whole-time director	11-04-90	11-04-90	Active	YES
8	U67120WB1984PTC037274	Vibgyor Printing and Packaging Private Limited	Whole-time director	07-08-90	07-08-90	Active	NO
9	U74899WB1990PTC129642	Aparna Print Pack Private Limited	Whole-time director	13-11-90	13-11-90	Active	YES
10	U65990MH1987PTC043557	Peigeon Finance and Investment Private Limited	Director	30-07-92	30-07-92	Active	NO
11	U27200MH1985PLC035603	Park Avenue Engineering Limited	Director	30-07-92	30-07-92	Active	NO
12	U65990MH1987PTC043580	Benhur Investment Company Private Limited	Director	30-07-92	30-07-92	Active	NO
13	L18101MH1987PLC134933	Aakarshak Synthetics Limited	Director	30-07-92	30-07-92	Active	NO
14	U65993MH1982PLC028250	Ashish Trading and Agency Limited	Director	02-09-93	02-09-93	Active	NO
15	L74899DL1993PLC054781	Rathi Bars Limited	Director	10-01-07	10-01-07	Active	NO

Name :

Mrs. Sangeeta Maheshwari

Designation :

Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

23.05.1955

Date of Appointment :

22.04.1992

DIN No.:

00469584

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	U21093WB1978PTC031521	Creative Products Private Limited	Whole-time director	17-03-79	17-03-79	Active	NO
2	U36991WB1986PTC040505	A V G Ink Private Limited	Whole-time director	11-04-86	11-04-86	Active	YES
3	U21015WB1990PTC048259	Creative Laminators and Print Pack Private Limited	Whole-time director	24-01-90	24-01-90	Active	YES
4	U67120WB1984PTC037274	Vibgyor Printing and Packaging Private Limited	Whole-time director	07-08-90	07-08-90	Active	NO
5	U74899WB1990PTC129642	Aparna Print Pack Private Limited	Whole-time director	13-11-90	13-11-90	Active	YES
6	U21093WB1980PTC033055	Aparna Paper Processing Industry Private Limited	Whole-time director	22-04-92	22-04-92	Active	NO
7	U65990MH1984PLC033112	Sambhaw Finance and Trading Company Limited	Director	30-08-93	30-08-93	Active	NO
8	U51900MH1984PLC033049	Sunayna Trade and Investment Company Limited	Director	30-08-93	30-08-93	Active	NO
9	U51900MH1983PLC029599	Sushree Trading Limited	Director	06-09-93	06-09-93	Active	NO
10	U21014WB1986PLC040807	Creative Polypack Limited	Whole-time director	04-08-05	04-08-05	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.08.2011

Names of Shareholders	No. of Shares
Binod Kumar Maheshwari (HUF)	635
Creative Product Private Limited, India	3000
Giriraj Maheshwari	41851
Binod Kumar Maheshwari	29305
Sangeeta Maheshwari	28259
Total	103050

As on 26.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	2.91
Directors or relatives of Directors	97.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Poly Coated Paper and Paper Board.
Exports :
Products :	Poly Coated Paper and Paper Board
Countries :	Srilanka
Imports :
Products :	Raw material
Countries :	Thailand, Singapore
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (31.03.2011)

	Unit	2010-2011
I. Capacity License Capacity		4200000
Installed Capacity	kgs	4200000
II. Production Printed Wrappers	Qty in kgs	2905339.2
Pouches	Nos	23079174
Proceeds film	--	4334.4
Stiffener	--	25689.38

GENERAL INFORMATION

Suppliers :

Reliance Industries

Customers :

Wholesaler and Retailers

· Hindustan Unileaver

No. of Employees :

120 (Approximately)

Bankers :

· Oriental Bank of Commerce

New Alipore Branch, 93, Tollygunge Circular Road, Kolkata – 700053, West Bengal, India

· HDFC Bank

· Corporation Bank

Facilities :

SECURED LOANS	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from OBC for Machinery	--	--
Term Loan from ICICI Limited and ABN Amro Bank Limited Purchases of Vehicles	0.257	0.635
Cash Credit From Oriental Bank of Commerce (Secured by Hypothecation of Raw materials Stock-in-process, finished Goods, stores and Spares and Receivables) and Second charge on Fixed Assets of the company – Present and Future.	34.492	30.943
Total	34.749	31.578

Banking Relations :	--
Auditors :
Name :	A. K. Datta and Company Chartered Accountant
Address :	Room No.207, 2^nd Floor, 2, Church Lane, Kolkata – 700001, West Bengal, India
PAN.:	AAFFA4276R
Associates Companies	· Creative Polypack Limited · Creative Products (Private) Limited · Vibgyog Printing and Packaging (Private) Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Share	Rs.100/- each	Rs.10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103050	Equity Share	Rs.100/- each	Rs.10.305 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		10.305	10.305	10.305
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.800	70.905	61.619
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		96.105	81.210	71.924
LOAN FUNDS
1] Secured Loans		34.749	31.578	35.706
2] Unsecured Loans		0.000	0.000	1.150
TOTAL BORROWING		34.749	31.578	36.856
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		130.854	112.788	108.780
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.112	47.072	50.724
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.042	0.041	0.043
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.455	67.726	48.945
	Sundry Debtors	46.343	42.153	49.696
	Cash & Bank Balances	5.733	6.593	7.069
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.472	10.128	14.744
Total Current Assets		130.003	126.600	120.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.005	53.534	52.671
	Other Current Liabilities	0.299	0.477	1.790
	Provisions	5.999	6.914	7.980
Total Current Liabilities		68.303	60.925	62.441
Net Current Assets		61.700	65.675	58.043
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		130.854	112.788	99.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	556.882	454.873	451.708
		Sales – Excise Duty	57.572	39.214	59.420
		Sales CST	6.006	0.000	0.000
		Other Income	0.386	0.368	4.498
		TOTAL (A)	620.846	494.455	515.626
Less	EXPENSES
		Materials Consumed	451.592	360.450	354.253
		Excise Duty and Educ. Cess	57.935	39.199	59.218
		Provision for Bad debts	1.092	0.000	0.000
		Sales Tax	6.006	0.000	0.000
		Manufacturing Expenses	50.404	48.800	55.238
		Administrative Expenses	15.391	11.856	9.117
		Selling and Distribution Expenses	0.331	1.098	0.029
		TOTAL (B)	582.751	461.403	477.855
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.095	33.052	37.771
Less	FINANCIAL EXPENSES (D)		10.257	5.117	5.752
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.838	27.935	32.019
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.169	9.276	9.245
	PROFIT BEFORE TAX (E-F) (G)		17.669	18.659	22.774
Less	TAX (H)		(4.600)	6.352	3.920
	PROFIT AFTER TAX (G-H) (I)		13.069	12.307	18.854
	PRIOR PERIOD EXPENSE		(0.134)	0.000	(0.922)
Less/ Add	INCOME TAX EARLIER		1.960	(3.020)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.905	59.618	41.686
	BALANCE CARRIED TO THE B/S		83.800	68.905	59.618
	EARNINGS IN FOREIGN CURRENCY
		Export F.O.B Value Earnings	14.767	2.129	NA
	TOTAL EARNINGS		14.767	16.896	NA
	IMPORTS
		Imports of C.I.F. Basis	88.294	67.686	NA
	TOTAL IMPORTS		88.294	155.98	NA
	Earnings Per Share (Rs.)		126.82	90.12	--

(Rs. In millions)

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000

Expected Sales (2012-2013): Rs. 700.000 millions

The above information has been parted by Mr. Shrikant.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.11	2.49	3.66
Net Profit Margin (PBT/Sales)	(%)	3.17	4.10	5.04
Return on Total Assets (PBT/Total Assets}	(%)	8.87	10.74	13.30
Return on Investment (ROI) (PBT/Networth)		0.18	0.23	0.32
Debt Equity Ratio (Total Liability/Networth)		1.07	1.14	1.38
Current Ratio (Current Asset/Current Liability)		1.90	2.08	1.93

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATING PERFORMANCE AND PROSPECTS

The sales registered substantial increase this year as compared to the preceding year. However, this had not the desired effect on the profit before tax which fell from Rs. 18.659 Millions to Rs. 17.668 Millions due to prohibitive increase in cost of materials and increase in administrative expenditure.

.

Bankers Charges Report as per Registry

Corporate identity number of the company	U21093WB1980PTC033055
Name of the company	APARNA PAPER PROCESSING INDUSTRY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal, India cpplfsr@vsnl.net.in
This form is for	Creation of charges
Type of charge	(Other) - Corporate Guarantee
Particular of charge holder	Oriental Bank of Commerce New Alipore Branch, 93, Tollygunge Circular Road, Kolkata – 700053, West Bengal, India sushiltiwari_associates@rediffmail.com
Nature of instrument creating charge	AGREEMENT OF GUARANTEE
Date of instrument Creating the charge	05.11.2011
Amount secured by the charge	Rs.94.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: N.a. Corporate guarantee has been provided to secure the repayment of all liabilities / advances already made / to be made by the bank to Vibgyor printing and packaging Private Limited Terms of Repayment: N.a. Corporate guarantee has been provided to secure the repayment of all liabilities / advances already made / to be made by the bank to Vibgyor printing and packaging Private Limited Margin: N.a. Corporate guarantee has been provided to secure the repayment of all liabilities / advances already made / to be made by the bank to Vibgyor printing and packaging Private Limited Extent and Operation of the charge: Corporate Guarantee Provided By The Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Corporate Guarantee Provided By The Company

FIXED ASSETS

· Factory Shed and Building

· Land

· Plant and Machinery

· Generator

· Quality Control Equipment

· Air Conditioner

· Electrical Installations

· Furniture and Fixtures

· Refrigerator

· Office Equipment’s

· Motor Car

· Water Purifier

· Testing Equipment’s

TRADE REFERENCES

· Hindustan Unileaver

· Reliance Industries

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.56.29
UK Pound	1	Rs.86.26
Euro	1	Rs.70.82

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPK

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	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.