MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	MAHIMA FIBRES PRIVATE LIMITED MAHIMA PURESPUN (A UNIT OF MAHIMA FIBRES PRIVATE LIMITED)
Registered Office :	406, Corporate House, 169, 4^th Floor, RNT Marg, Indore - 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.06.1998
Com. Reg. No.:	10-012885
Capital Investment / Paid-up Capital :	Rs. 71.856 Millions
CIN No.: [Company Identification No.]	U17111MP1998PTC012885
TAN No.: [Tax Deduction & Collection Account No.]	BPLM04156F
PAN No.: [Permanent Account No.]	AACCM4603N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financial is missing from the government department. However, from the previous year record company seem to be having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealing 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit = BB
Rating Explanation	Crisil rating has been suspended due to lack of information.
Date	November 2012

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.

LOCATIONS

Registered / Corporate Office:	406, Corporate House, 169, 4^th Floor, RNT Marg, Indore-452001, Madhya Pradesh, India
Tel No.:	91-731-2521021 / 4066642-43
Fax No.:	91-731-2529556
E-Mail :	mahima@gmail.com mahimaaccounts@gmail.com mahimaaccounts@yahoomail.com
Factory	Plot No.73-74, Sector II, Pitambur Industrial Estate, Dhar-452001, Madhya Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Rohit Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore - 452001, Madhya Pradesh, India

Date of Appointment :

31.10.2000

DIN No.:

00126159

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	31-10-00	31-10-00	-	Active	NO
2	U17121MP2003PTC015833	MAHIMA COTEX PRIVATE LIMITED	Director	23-05-03	23-05-03	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	02-11-09	Active	NO
4	U55100MP2008PTC021396	JUNEJA HEALTH CLUB AND RESORT PRIVATE LIMITED	Additional director	22-03-10	22-03-10	28-06-10	Active	NO

Name :

Mr. Ashish Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore - 452001, Madhya Pradesh, India

Date of Appointment :

01.11.2005

DIN No.:

00486556

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	U17121MP1994PTC008690	RACHNA TEXTILES (INDIA) PRIVATE LIMITED	Director	05-10-95	05-10-95	-	Active	NO
2	U17121MP1997PTC011896	NIDHI COTTON INDUSTRIES PRIVATE LIMITED	Director	04-09-03	04-09-03	-	Active	NO
3	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	01-11-05	01-11-05	-	Active	NO
4	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
5	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	01-12-09	Active	NO

Name :

Mr. Ashok Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

08.09.1953

Date of Appointment :

11.06.1998

DIN No.:

00126380

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-98	11-06-98	-	Active	NO
2	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	01-12-09	Active	NO

Name :

Mr. Abhishek Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Gorani Compound, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

02.12.1979

Date of Appointment :

11.06.1998

DIN No.:

00961060

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-98	11-06-98	-	Active	NO
2	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-07	26-06-07	02-11-09	Active	NO
4	U01403MH2009NPL194495	ECOCERT ORGANIC LIFESTYLE CLUB	Director	31-07-09	31-07-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashok Kumar Doshi	1103000
Nirmal Kumar Doshi	239100
Vinod Kumar Doshi	175200
Ashish Doshi	266600
Abhishek Kumar Doshi	571760
Pawan Kumar Doshi	245000
Chanda Doshi	30000
Manju Doshi	174000
Rohit Doshi	876350
Rahul Doshi	226500
Rani Doshi	345660
Chhavi Doshi	104000
Shilpa Doshi	103500
Pooja Doshi	108500
Bafna Ginning and Pressing Private Limited, India	1000000
Alka Diamond Industries Limited, India	80000
Raghunandan Rayons Limited, India	40000
Triangular Infocom Limited, India	87000
Yash-V Jewels Limited, India	75000
Vanguard Jewels Limited, India	85000
Mahima Cotex Private Limited, India	500000
Pooja Fibres Private Limited, India	362000
Alpha Chemie Trade Agencies Private Limited, India	10000
Casper Enterprises Private Limited, India	57500
Javda India Impex Limited, India	100000
Kush Hindustan Entertainment Limited, India	90000
Nakshatra Business Private Limited, India	65000
Olive Overseas Private Limited, India	40000
Talent Infoway Limited, India	25000
Total	7185670

As on 31.03.2012

Names of Allottees	No. of Shares Allotted
Shilpa Rahul Doshi	16000
Manju Doshi	7000
Pawan Kumar Doshi	14000
Rahul Doshi	14000
Pooja Doshi	12000
Rani Doshi	7000
Ashok Kumar Doshi	24000
Rohit Doshi	11000
Total	105000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	36.41
Directors or relatives of Directors	63.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc
Products :	Ginned Cotton Cotton Seed Cotton Yarn Cloth

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Kapas Gining and Pressing	MT	17718	17718
Cotton Yarn	MT	6800	6800

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India
• State Bank of India, Commercial Branch, A.B. Road, Near GPO, Indore-452001, Madhya Pradesh, India
• State Bank of Indore, Bakaner Branch, Dhar, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee Term Loans Banks Secured	699.721	521.860
Working Capital Loans Banks Secured	216.193	110.496
Loans Taken for Vehicles Secured	3.187	2.269
Total	919.101	634.625
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	71.264	30.536
Other Loan	4.652	2.123
Total	75.916	32.659

Banking Relations :	--
Auditors :
Name :	Maheshwari and Gupta Chartered Accountant
Address :	312-314 Mans Bhawan Extension, 11/2 RNT Marg, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2525771/73
Fax No.:	91-731-2525770
E-Mail :	maheshwarigupta@rediffmail.com
Pan No.:	AABFM9020B
Associates :	· Rachna Textiles Private Limited · Paras Cotex Private Limited · Delight Cotton Private Limited · Mahima Exports

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7290670	Equity Shares	Rs.10/- each	Rs.72.907 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7185670	Equity Shares	Rs.10/- each	Rs.71.856 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		71.856	71.856	67.362
2] Share Application Money		10.500	0.000	5.000
3] Reserves & Surplus		295.797	220.696	129.388
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		378.153	292.552	201.750
LOAN FUNDS
1] Secured Loans		919.101	634.626	617.957
2] Unsecured Loans		75.917	32.659	63.172
TOTAL BORROWING		995.018	667.285	681.129
DEFERRED TAX LIABILITIES		65.495	52.926	40.300
TOTAL		1438.666	1012.763	923.179
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		886.916	601.373	568.911
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	531.361	135.756	71.598
	Sundry Debtors	210.151	288.568	263.809
	Cash & Bank Balances	45.815	35.611	14.537
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	196.919	221.329	160.239
Total Current Assets		984.246	681.264	510.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	83.530
	Other Current Liabilities	409.796	256.899	65.834
	Provisions	22.700	12.975	6.551
Total Current Liabilities		432.496	269.874	155.915
Net Current Assets		551.750	411.390	354.268
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1438.666	1012.763	923.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	3719.547	1318.925
		Other Income
		TOTAL (A)	NA	3719.547	1318.925
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	3536.516	1202.759
		Advertising Expenses
		TOTAL (B)	NA	3536.516	1202.759
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		252.177	183.031	116.166
Less	FINANCIAL EXPENSES (D)		94.213	74.877	32.895
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		157.964	108.154	83.271
Less/ Add	DEPRECIATION/ AMORTISATION (F)		46.825	31.705	28.699
	PROFIT BEFORE TAX (E-F) (G)		111.139	76.449	54.572
Less	TAX (H)		35.269	25.601	20.241
	PROFIT AFTER TAX (G-H) (I)		75.870	50.848	34.331
	EARNINGS IN FOREIGN CURRENCY		2922.057	1010.074	410.775
	Earnings Per Share (Rs.)		10.56	7.55	5.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.37	2.60
Return on Total Assets (PBT/Total Assets}	(%)	5.94	5.96	5.06
Return on Investment (ROI) (PBT/Networth)		0.29	0.26	0.27
Debt Equity Ratio (Total Liability/Networth)		3.77	3.20	4.15
Current Ratio (Current Asset/Current Liability)		2.27	2.52	3.27

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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 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	Yes

Note: The Registered office address of the company has been shifted from 15/1, South Tukoganj, Indore-452001, Madhya Pradesh, India to present w.e.f. 14.01.2009

Bankers Charges Report as per Registry

Corporate identity number of the company	U17111MP1998PTC012885
Name of the company	MAHIMA FIBRES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	406, Corporate House, 4^th Floor, RNT Marg, Indore-452001, Madhya Pradesh, India e-mail: mahimaaccounts@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10299062
Type of charge	· Immovable property · Others (T.L. FOR 4TH EXPANSION)
Particular of charge holder	Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India e-mail: cmindo0764@centralbank.co.in
Nature of instrument creating charge	Letter of hypothecation dated 03.09.2012
Date of instrument Creating the charge	03.09.2012
Amount secured by the charge	Rs.126.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment As Per Agreement Margin As Per Agreement Extent and Operation of the charge As Per Agreement Others As Per Agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive 1st Charge Over Entire Fixed Assets To Be Created Out of Capex for 4th Expansion.
Date of instrument modifying the charge	05.07.2011
Particulars of the present modification	2nd Pari Passu Charge Over Current Assets of The Company ( Current as well as Future)

Fixed Assets:

• Land
• Building
• Office Building
• Plant and Machinery
• Electrical Installation
• Fire Fighting System
• Vehicle
• Furniture and Fixtures
• Office Equipments
• Computer

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 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 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.