MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	AVIRAT INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	Avirat House, Near Science City, Sola, Ahmedabad – 380060, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.2003
Com. Reg. No.:	04-043076
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U45209GJ2003PTC043076
TAN No.: [Tax Deduction & Collection Account No.]	AHMA08539G
PAN No.: [Permanent Account No.]	AAECA4556E
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The reserves appears to be low. There appears huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Rajesh
Designation :	Finance Department
Contact No.:	91-79-65101300
Date :	06.11.2012

LOCATIONS

Registered Office :	Avirat House, Near Science City, Sola, Ahmedabad – 380060, Gujarat, India
Tel. No.:	91-79-65101300
Fax No.:	91-79-29099767
E-Mail :	info@aviratgroup.com
Website :	http://www.aviratgroup.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sandip Kanubhai Patel

Designation :

Director

Address :

17, Suvarna Vila Bugalow, Near Satyam Bungalows, 100 ft Hebatpur Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

01.11.1976

Date of Appointment :

20.10.2003

DIN No.:

00390476

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	U45209GJ2003PTC043076	AVIRAT INFRASTRUCTURE PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
2	U70200GJ2007NPL051644	THE GUJARAT INSTITUTE OF HOUSING AND ESTATE DEVELOPERS	Director	15/10/2007	15/10/2007	-	Active	NO
3	U45201GJ2007PLC051653	OZONE INDIA LIMITED	Director	09/12/2008	09/12/2008	-	Active	NO
4	U01403GJ2008PTC055744	OZONE HOTELS PRIVATE LIMITED	Director	23/12/2008	23/12/2008	-	Active	NO
5	U45201GJ2009PTC055909	ADVANCE ORGANISORS PRIVATE LIMITED	Director	16/01/2009	16/01/2009	-	Active	NO
6	U45201GJ2010PTC060573	SOPAN KESAR INFRAPROJECTS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	20/07/2010	Active	NO
7	U51101GJ2012PTC068918	AVIRAT IMPEX PRIVATE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO

Name :

Mr. Rajnikant Kanubhai Patel

Designation :

Director

Address :

1, Heritage Lotus, Thaltej, Thaltej (CT), Taluka Daskroi, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

20.05.1978

Date of Appointment :

20.10.2003

DIN No.:

00390483

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	Company/ LLP Status	Defaulting status
1	U45209GJ2003PTC043076	AVIRAT INFRASTRUCTURE PRIVATE LIMITED	Director	20/10/2003	20/10/2003	Active	NO
2	U67110GJ2005PTC046495	HIGHSIGHT CAPITAL MARKET SERVICES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	Active	NO
3	U01111GJ2011PTC063705	AVIRAT AGRITECH PRIVATE LIMITED	Director	18/01/2011	18/01/2011	Active	NO
4	U51101GJ2012PTC068918	AVIRAT IMPEX PRIVATE LIMITED	Director	07/02/2012	07/02/2012	Active	NO

Name :

Mr. Baldevbhai Maganlal Patel

Designation :

Director

Address :

18, Silver Crust Blow, Science City Road, Sola, Ahmedabad – 380060, Gujarat, India

Date of Birth/Age :

14.05.1953

Date of Appointment :

01.02.2008

DIN No.:

02011603

Name :

Mr. Kanubhai Maganlal Patel

Designation :

Director

Address :

17, Suvarna Villa, 100 Ft, Road, Thaltej, Ahmedabad – 380060, Gujarat, India

Date of Birth/Age :

05.12.1955

Date of Appointment :

01.08.2012

DIN No.:

05346495

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	Company/ LLP Status	Defaulting status
1	U45209GJ2003PTC043076	AVIRAT INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2012	01/08/2012	Active	NO

KEY EXECUTIVES

Name :	Manoj Hurkat
Designation :	Company Secretary
Address :	306, Arth Complex, A.K. Patel House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad - 380009, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sandip Kanubhai Patel	911800
Rajnikant Kanubhai Patel	915000
Ramilaben Kanubhai Patel	215000
Jasmin B. Patel	61200
Kanubhai M. Patel	430000
Tanvi R. Patel	2500
Varsha S. Patel	81000
Damodar M. Prajapati	12500
Baldevbhai Maganlal Patel	151000
Kevalkumar Chunilal Patel	1000
Paresh Laljibhai Patel	100
Bipin Ambalal Patel	100
Ashu Indrakumar Agrawal	100
Nareshbhai Hiralal Patel	30000
Hiraben Maganbhai Patel	188700
Total	3000000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

Ø Central Bank of India, Ashram Road Branch, Ahmedabad – 380009, Gujarat, India

Ø ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loan
From Banks
Kotak Mahindra Bank loan	80.000	0.000
ICICI Bank Car loan	4.497	6.792
Total	84.497	6.792
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Other Parties
Deposit
Max Food	0.075	0.075
Spacro Multipast Private Limited	0.121	0.121
Paragbhai Rajnikant Raval	0.014	0.000
Jasmin Baldevbhai Patel	7.000	0.000
Kanubhai Maganbhai Patel	118.987	22.500
Loans from Director
Rajnikant Kanubhai Patel	6.850	0.500
Sandip Kanubhai Patel	30.000	13.200
Other Loans and Advances
Ashu Agarwal	0.200	0.200
Bipinbhai Ambalal Patel	1.113	1.500
S.J. Infratech Private Limited	63.772	61.800
Paresh L. Patel	5.038	0.000
Sun Gold Capital Limited	6.000	0.000
Avirat Infra Private Limited	0.000	1.904
Total	239.170	101.800

Banking Relations :	--
Auditors :
Name :	Wadhawan and Company Chartered Accountants
Address :	702, Sarap Building, Opposite Navjivan Press, Navjivan, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-27542129 / 27546800
Income-tax PAN of auditor or auditor's firm :	AAAFW9683R

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

1) Reconcilation of Nos. of Shares

Particulars	31.03.2012	31.03.2011
Number of Equity Shares at the beginning	1000000	475700
Add: Number of Shares issued	2000000	524300
Number of Equity Shares at the end	3000000	1000000

2) Below are the name of the shareholders holding more than 5% of Shares

Names of Shareholders	Class of Shares	No. of Shares	Percentage of Shares
Sandip Kanubhai Patel	Equity	911800	30.39
Rajnikant Kanubhai Patel	Equity	915000	30.50
Ramilaben Kanubhai Patel	Equity	215000	7.17
Kanubhai M. Patel	Equity	430000	14.33
Baldevbhai Maganlal Patel	Equity	151000	5.03
Hiraben Maganbhai Patel	Equity	188700	6.29

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000	10.000	7.557
2] Share Application Money		1.100	10.525	0.000
3] Reserves & Surplus		18.254	1.130	1.265
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.354	21.655	8.822
LOAN FUNDS
1] Secured Loans		84.497	6.792	0.000
2] Unsecured Loans		239.170	101.800	2.000
TOTAL BORROWING		323.667	108.592	2.000
DEFERRED TAX LIABILITIES		0.493	0.320	0.148
TOTAL		373.514	130.567	10.970
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.022	13.256	75.274
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.150	5.549	4.816
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	733.797	89.129	0.027
	Sundry Debtors	35.031	11.340	0.214
	Cash & Bank Balances	2.895	6.649	10.216
	Other Current Assets	0.195	0.261	0.590
	Loans & Advances	6.704	206.299	0.084
Total Current Assets		778.622	313.678	11.131
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.668	1.026	64.996
	Other Current Liabilities	422.700	200.890	14.936
	Provisions	6.912	0.000	0.445
Total Current Liabilities		441.280	201.916	80.377
Net Current Assets		337.342	111.762	(69.246)
MISCELLANEOUS EXPENSES		0.000	0.000	0.126
TOTAL		373.514	130.567	10.970

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income	8.009	1.873	2.172
		TOTAL (A)	8.009	1.873	2.172
Less	EXPENSES
		Cost of materials consumed	78.184	2.089
		Purchase of Stock-in-trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-trade	(714.300)	(15.523)
		Employee benefit expense	4.354	1.675
		Other Expenses	608.040	13.204
		TOTAL (B)	(23.722)	1.445	0.992
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.731	0.430	1.180
Less	FINANCIAL EXPENSES (D)		6.549	0.118	0.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.182	0.312	1.176
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.086	0.274	0.046
	PROFIT BEFORE TAX (E-F) (G)		24.096	0.038	1.130
Less	TAX (H)		6.972	0.173	0.236
	PROFIT AFTER TAX (G-H) (I)		17.124	(0.135)	0.894
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.130	1.265	0.371
	BALANCE CARRIED TO THE B/S		18.254	1.130	1.265
	Earnings Per Share (Rs.)		5.71	(1.35)	1.18

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	213.81	(7.21)	41.16
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.03	0.01	1.31
Return on Investment (ROI) (PBT/Networth)		0.49	0.00	0.13
Debt Equity Ratio (Total Liability/Networth)		15.50	14.34	9.34
Current Ratio (Current Asset/Current Liability)		1.76	1.55	0.14

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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 involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from 404 Sur Mount Complex Oppiscon Temple Near Cadila, Tower Sarkhej Gandhinagar, Road Ahmedabad - 380015, Gujarat, India to the present w.e.f.23.02.2010

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45209GJ2003PTC043076
Name of the company	AVIRAT INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Avirat House, Near Science City, Sola, Ahmedabad – 380060, Gujarat, India Email: info@aviratgroup.com
This form is for	Creation of charge
Type of charge	Immovable Property Others (Raw Material, Work in Process and Finished Goods)
Particular of charge holder	Central Bank of India, Ashram Road Branch, Ahmedabad – 380009, Gujarat, India Email: bmahme0541@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of deposit of title deed and loan agreement
Date of instrument Creating the charge	27.07.2012
Amount secured by the charge	Rs. 100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate +3.5% with monthly rest. Terms of Repayment The term loan is repayable in 18 months in equal installments from December 2013. Margin 61% Extent and Operation of the charge The financial assistance is secured by way of First and Exclusive charge in favour of Central Bank of India
Short particulars of the property charged	All that piece and parcel of the land bearing N A land of Final Plot No. 25/3 admeasuring about 8681 sq. mts. of Town Planning Scheme No. 112 (Odhav) allotted in lieu of original revenue Survey No. 209, total land admeasuring about 14468 sq. mts. of area situate lying and being of Mouje Odhav, Taluka City in the Registration District and Sub District of Ahmedabad. Raw Material, Work in Process and Finished Goods of the Project

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Vehicles

Ø Office Equipment

Ø Computer Equipment

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 organizatio 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. 54.60
UK Pound	1	Rs. 87.31
Euro	1	Rs. 69.86

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.