MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	TIRUPATI FUELS PRIVATE LIMITED
Registered Office :	12, Ho-Chi-Minh Sarani, Flat No.4C, 4^th Floor, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	30.06.2011
Date of Incorporation :	06.06.2003
Com. Reg. No.:	21-139175
Capital Investment / Paid-up Capital :	Rs. 207.996 Millions
CIN No.: [Company Identification No.]	U10102WB2003PTC139175
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Hard Coke
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears slight dip in the profitability recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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	CARE
Rating	BB+ (Long Term Bank Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	January 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.

INFORMATION PARTED BY

Name :	Mr. Deepak Sharma
Designation :	Chief Operating Officer
Contact No.:	91-9831129222
Date :	16.10.2012

LOCATIONS

Registered Office :	12, Ho-Chi-Minh Sarani, Flat No.4C, 4^th Floor, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-40201515 / 22826248 / 49
Mobile No.:	91-9831129222 (Mr. Deepak Sharma)
Fax No.:	91-33-22826798
E-Mail :	balajicoke@eth.net
Area :	1000 Sq. Ft.
Location :	Owned
Factory 1 :	Elulapaka Bonangi Village – Parwada Mandal, Visakhapatnam, Andhra Pradesh, India
Area :	1000 Sq. Ft.
Location :	Owned
Factory 2 :	Plot No.21, 30, 31, Industrial Development Area, NTPC Lankelapalem Road, Parwada, Visakhapatnam-531021, India
Tele Fax No.:	91-8925-247761

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ashok Kumar Sharma
Designation :	Director
Address :	D No.11-9-13, Flat no.3, Prince Apartments, Daspalla Hills, Visakhpatam – 530003, Andhra Pradesh, India
Date of Birth/Age :	17.01.1966
Date of Appointment :	25.07.2006
Date of Cessation :	04.06.2012
DIN No.:	01069106
Name :	Ms. Deepika Sharma
Designation :	Director
Address :	15, Belvedre Road, Flat – 7A, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	01.05.1959
Date of Appointment :	25.07.2006
Date of Cessation :	10.01.2012
DIN No.:	00560338
Name :	Mr. Sushanta Kumar Hazra
Designation :	Director
Address :	Qtr No.V/15, Cfri Colony, Fr Dhanbad – 828108, Jharkhand
Date of Birth/Age :	05.02.1949
Date of Appointment :	23.11.2009
Date of Cessation :	10.01.2012
DIN No.:	02663358
Name :	Mr. Naresh Sharma
Designation :	Director
Name :	Mr. S S Chatergy
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Deepak Sharma
Designation :	Chief Operating Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ashok Sharma	667
Kaushal Sharma	4795556
Rachayita Sharma	383334
Shruti Sharma	4306667
Deepik Sharma	5040000
Ramesh Sharma	12667
Alka Leein Private Limited, Howrah	26667
Exclusive Vinimay Private Limited, India	93334
Farrini Tradelink Private Limited, India	93334
Flexible Tradelink Private Limited, India	80000
Goldy Distributors Private Limited, India	80000
Himadri Sales Private Limited, India	16000
Himgiri Commerce Private Limited, India	53334
Kaberi Commotrade Private Limited, India	40000
Royal Tracom Private Limited, India	13334
Sakamari Impex Private Limited, India	26667
Shree Vishnu Printo Art Private Limited, India	26667
Survi Suppliers Private Limited, India	26667
Umang Vinimay Private Limited, India	66667
Zigma Goods Private Limited, India	24000
Durgesh Sales Private Limited, India	177774
Saaransh Tie Up Private Limited, India	88880
Orbit Commotrade Private Limited, India	44440
Wellman Dealers Private Limited, India	88880
AJ-Nee Distributors Private Limited, India	244440
Yathans Commercial Private Limited, India	111107
Balaji Coke Industtry Private Limited, India	888880
Antai Balaji Limited, India	3105160
Meltron Merchandise Private Limited, India	400000
Deewood Crafts Private Limited, India	444440
TOTAL	20799563

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	30.10
Directors or relatives of Directors	69.90
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Hard Coke
Exports :
Products :	Hard Coke
Countries :	Srilanka Pakistan
Imports :
Products :	Raw Material
Countries :	Malaysia Australia USA China
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	31.03.2011
Licensed Capacity	MT	108000
Installed Capacity	MT	108000
Actual Production	MT	51547

GENERAL INFORMATION

Suppliers :

• Corncost Exim

Customers :

End Users

• Sail Authority of India Limited

No. of Employees :

60 (Approximately)

Bankers :

• Union Bank of India, Strand Road Branch, 38, Strand Road, Kolkata-700001, West Bengal, India
• Indian Overseas Bank, International Business Branch, 2, Wood Street, Kolkatat-700016, West Bengal, India
• Allahabad Bank

Facilities :

Secured Loan	Rs. In Millions 30.06.2011	Rs. In Millions 30.06.2010
Working capital loans secured
Working capital loans banks secured	301.611	274.787
TOTAL	301.611	274.787
NOTES (A) Working capital facilities from banks are secured by way of hypothecation of materials at site, work in progress, Receivables and other current assets, both present and future. The facilities are also secured by personal guarantee of the directors of the company. The credit facilities are also collaterally secured by immovable properties / hypothecation of unencumbered equipments and corporate guarantee of a body corporate. (B) Working capital facilities from banks are secured by way of hypothecation of materials at site, work in progress, Receivables and other current assets, both present and future. The facilities are also secured by personal guarantee of the directors of the company. The credit facilities are also collaterally secured by immovable properties / hypothecation of unencumbered equipments and corporate guarantee of a body corporate.
Unsecured Loan	Rs. In Millions 30.06.2011	Rs. In Millions 30.06.2010
Working capital loans unsecured
Working capital loans others unsecured	32.337	34.898
TOTAL	32.337	34.898

Banking Relations :	--
Financial Institution :	Ushdev International Limited, New Harileela House, 6^th Floormint Road, Mumbai-400001, Maharashtra, India
Auditors :
Name :	R K Lodha and Associates Chartered Accountant
Address :	127, N S Road, 2^nd Floor, Room No.1, Kolkata-700001, West Bengal, India
PAN No.:	AAJFR9146F
Sister Concern :	Balaji Coke Industries Private Limited Address : 12, Ho-Chi-Minh Sarani, Flat No.4C, 4^th Floor, Kolkata – 700071, West Bengal, India Line of Business : Manufacturer, Trader and Exporter of Hard Coke

CAPITAL STRUCTURE

AS ON 30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
42000000	Equity Shares	Rs.10/- each	Rs. 420.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20799563	Equity Shares	Rs.10/- each	Rs. 207.996 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
42000000	Equity Shares	Rs.10/- each	Rs. 420.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 217.496 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011	30.06.2010 (15 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		207.996	155.996	150.996
2] Share Application Money		162.000	14.000	25.000
3] Reserves & Surplus		455.778	476.450	403.822
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		825.774	646.446	579.818
LOAN FUNDS
1] Secured Loans		301.611	274.787	192.730
2] Unsecured Loans		32.337	34.898	59.310
TOTAL BORROWING		333.948	309.685	252.040
DEFERRED TAX LIABILITIES		48.819	45.986	42.058
TOTAL		1208.541	1002.117	873.916
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		397.694	335.713	345.156
Capital work-in-progress		12.158	3.990	101.192
INVESTMENT		30.000	0.000	12.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	545.653	371.228	211.181
	Sundry Debtors	912.208	859.041	427.969
	Cash & Bank Balances	72.217	72.452	79.409
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.425	228.918	57.711
Total Current Assets		1615.503	1531.639	776.270
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	796.995	827.565	348.669
	Other Current Liabilities	6.439	0.699	0.000
	Provisions	43.380	41.168	12.292
Total Current Liabilities		846.814	869.432	360.961
Net Current Assets		768.689	662.207	415.309
MISCELLANEOUS EXPENSES		0.000	0.207	0.259
TOTAL		1208.541	1002.117	873.916

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011	30.06.2010 (15 Months)	31.03.2009
	SALES
		Income	3332.500	4263.800	2024.792
		Other Income	9.100	21.100	9.128
		TOTAL (A)	3341.600	4284.900	2033.920
Less	EXPENSES
		Office Expenses	3148.900	3976.700	1890.948
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	3148.900	3976.700	1890.948
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		192.700	308.200	142.972
Less	FINANCIAL EXPENSES (D)		126.700	205.800	79.821
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.000	102.400	63.151
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.400	13.300	8.104
	PROFIT BEFORE TAX (E-F) (G)		53.600	89.100	55.047
Less	TAX (H)		19.500	32.900	26.086
	PROFIT AFTER TAX (G-H) (I)		34.100	56.200	28.961
	Earnings Per Share (Rs.)		1.64	3.71	1.92

Particulars	31.03.2012
Sales Turnover (Approximately)	4000.000

Expected Sales (2012-2013) : Rs. 4500.000 Millions

The above information has been parted by Mr. Deepak Sharma.

KEY RATIOS

PARTICULARS		30.06.2011	30.06.2010 (15 Months)	31.03.2009
PAT / Total Income	(%)	1.02	1.31	1.42
Net Profit Margin (PBT/Sales)	(%)	1.61	2.09	2.72
Return on Total Assets (PBT/Total Assets}	(%)	2.66	4.77	4.90
Return on Investment (ROI) (PBT/Networth)		0.06	0.14	0.09
Debt Equity Ratio (Total Liability/Networth)		1.49	1.89	1.93
Current Ratio (Current Asset/Current Liability)		1.91	1.76	2.15

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	Yes
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 three 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 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 11-9-13, Flat no.3, Prince Apartments, Daspalla Hills, Visakhpatam – 530003, Andhra Pradesh, India to present address

TURNOVER AND PROFITS

During the financial year ended 30th June 2011, the company recorded a Turnover of Rs. 3312.600 Millions and made a Net Profit of Rs. 34.100 Millions.

FORM 8

Corporate identity number of the company	U10102WB2003PTC139175
Name of the company	TIRUPATI FUELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, Ho-Chi-Minh Sarani, Flat No.4C, 4^th Floor, Kolkata – 700071, West Bengal, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Union Bank of India, Strand Road Branch, 38, Strand Road, Kolkata-700001, West Bengal, India
Nature of instrument creating charge	1.Composite Hypothecation Deed
Date of instrument Creating the charge	06.02.2012
Amount secured by the charge	Rs. 120.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest a)Cash Credit (Hypothecation) Limit Rs. 80.000 Millions, Interest @ BR+5.5% p.a at monthly rests b) LC (Inland/Foreign- DA 90days for Inland and 180 days for Foreign) Limit Rs. 40.000 Millions, usual. Terms of repayment Entire Credit facilities comprising of a) Cash Credit (Hypothecation) Limit Rs. 80.000 Millions and b) LC (Inland /Foreign- DA 90 days for Inland and 180 days for Foreign) Limit Rs. 40.000 Millions are repayable on demand. Margin a)Cash Credit (Hypothecation) Limit Rs 80.000 Millions, Margin 25% against Stocks and 40% against Book Debts and b) LC (Inland /Foreign- DA 90days for Inland and 180 days for Foreign) Limit Rs 40.000 Millions, Margin 25% Extent and operation of the charge 1.Hypothecation by way of First Charge on existing and future earmarked a)Stocks of Low Ash Metallurgical coke, coking coal, coke etc including such stocks procured under LC and financed under Credit facilities from Union Bank of India and so kept/stored/lying at Co's premises at Plot 21,30,31 ID Area, Parwada, Visakhapatnam or elsewhere or in transit b)Book Debts c)Deposits held under margin/Collateral 2.Paripassu Charge on all other Current and Fixed assets of the company as to be determined amongst Banks Other Inter-alia to secure the aforesaid credit facilities of Rs12Crores sanctioned and extended by Union Bank of India, Strand Road Branch to M/s Tirupati Fuels (Private) Limited, the company has created charge on its assets as mentioned under paragraph 6(a) and (b),13(d) and 15 hereunder and as per the instrument cited under paragraph above and all other supporting security documents executed by the company in favour of the Bank.
Short particulars of the property charged (Including location of the property)	Stocks of Low Ash Metallurgical coke, coking coal, coke etc including such stocks procured under LC and financed under Credit facilities from Union Bank of India and so kept/stored/lying at Co's premises at Plot 21,30,31 ID Area, Parwada, Visakhapatnam or elsewhere the same may be or are in course of transit Book Debts Deposits held under margin /Collateral or otherwise with Union Bank of India, Strand Road Branch Paripassu Charge on all other Current and Fixed assets of the company as to be determined amongst Banks i.e. Allahabad Bank, Indian Overseas Bank, State Bank of Bikaner and Jaipur, Bank of India and Union Bank of India

TRADE REFERENCE

• Sail Authority of India Limited
• Corncost Exim

FIXED ASSETS

• Factory Land
• Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Vehicles

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] 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. 52.81
UK Pound	1	Rs. 84.95
Euro	1	Rs. 68.61

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.