MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	BLEACH MARKETING PRIVATE LIMITED
Registered Office :	603, 6^th Floor, Shivalik, Near Panchvati Cross Road, Ambavadi, Ahmedabad- 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.07.1999
Com. Reg. No.:	04-036310
Capital Investment / Paid-up Capital :	Rs.0.905 million
CIN No.: [Company Identification No.]	U51100GJ1999PTC036310
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00288B
PAN No.: [Permanent Account No.]	AABCB1722C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporters Of benzene, bright yellow sulphur, imported coal, rock phosphate, acetone, phenol, etc.
No. of Employees :	Not Avilable

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profits margin of the company appears to be low. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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.

LOCATIONS

Registered Office :	603, 6^th Floor, Shivalik, Near Panchvati Cross Road, Ambavadi, Ahmedabad- 380006, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kshah.bleachchem@gmail.com
Head Office :	7^th Floor, Shivalik, Opposite Centre Point, Near Panchvati, C. G. Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26444681/2
Fax No.:	91-79-26444686

DIRECTORS

As on 30.09.2011

Name :

Mr. Sevanti Bhurabhai Shah

Designation :

Director

Address :

Plot No. 92,Satyagrah Chhavni, Sector-7 Satellite Road, Ramdevnagar, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

23.11.1936

Date of Appointment :

10.08.2002

DIN No.:

00125491

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	U51100GJ1999PTC036310	BLEACH MARKETING PRIVATE LIMITED	Director	10/08/2002	10/08/2002	-	Active	NO
2	U24114GJ2003PTC042586	NIDHI PETROCHEMICALS PRIVATE LIMITED	Director	09/07/2003	09/07/2003	-	Active	NO
3	U23109GJ2003PTC043135	BLEACH CHEM EXIM (INDIA) PRIVATE LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
4	U24119GJ2007PTC051204	RUSHABH BLEACH CHEM PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO

Name :

Mr. Keyur Sevantilal Shah

Designation :

Director

Address :

Plot No. 92,Satyagrah Chhavni, Sector-7 Satellite Road, Ramdevnagar, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

28.03.1966

Date of Appointment :

21.07.1999

DIN No.:

00125555

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	U51100GJ1999PTC036310	BLEACH MARKETING PRIVATE LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
2	U24114GJ2003PTC042586	NIDHI PETROCHEMICALS PRIVATE LIMITED	Director	09/07/2003	09/07/2003	-	Active	NO
3	U23109GJ2003PTC043135	BLEACH CHEM EXIM (INDIA) PRIVATE LIMITED	Director	03/11/2003	03/11/2003	-	Active	NO
4	U24119GJ2007PTC051204	RUSHABH BLEACH CHEM PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
5	U60210GJ2006PTC048871	BLEACH TOURISM PRIVATE LIMITED	Director	06/09/2010	17/11/2009	-	Active	NO
6	U72900GJ2007PTC051980	BLEACH MAGIC BOX SOFT TECH PRIVATE LIMITED	Additional director	02/06/2012	02/06/2012	-	Active	NO

Name :

Mr. Rakesh Gunvantlal Shah

Designation :

Director

Address :

8-207,Parshwa Tower, 132 ft. Ring Road, Near Satellite Overbridge, Ahmedabad-380051, Gujarat, India

Date of Birth/Age :

14.10.1966

Date of Appointment :

22.08.1999

DIN No.:

00125619

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	U51100GJ1999PTC036310	BLEACH MARKETING PRIVATE LIMITED	Director	22/08/1999	22/08/1999	-	Active	NO
2	U24114GJ2003PTC042586	NIDHI PETROCHEMICALS PRIVATE LIMITED	Director	09/07/2003	09/07/2003	-	Active	NO

Name :

Ms. Jalpa Keyur Shah

Designation :

Director

Address :

Plot No. 92,Satyagrah Chhavni, Sector-7 Satellite Road, Ramdevnagar, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

19.07.1970

Date of Appointment :

01.04.2005

DIN No.:

00125683

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	U23109GJ2003PTC043135	BLEACH CHEM EXIM (INDIA) PRIVATE LIMITED	Director	06/11/2003	06/11/2003	-	Active	NO
2	U24114GJ2003PTC042586	NIDHI PETROCHEMICALS PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
3	U51100GJ1999PTC036310	BLEACH MARKETING PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
4	U60210GJ2006PTC048871	BLEACH TOURISM PRIVATE LIMITED	Director	08/08/2006	08/08/2006	-	Active	NO
5	U72900GJ2007PTC051980	BLEACH MAGIC BOX SOFT TECH PRIVATE LIMITED	Additional director	02/06/2012	02/06/2012	-	Active	NO

Name :

Ms. Manisha Dixit Shah

Designation :

Director

Address :

Plot No. 92,Satyagrah Chhavni, Sector-7 Satellite Road, Ramdevnagar, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

07.09.1964

Date of Appointment :

01.04.2005

DIN No.:

00125731

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	U23109GJ2003PTC043135	BLEACH CHEM EXIM (INDIA) PRIVATE LIMITED	Director	06/11/2003	06/11/2003	-	Active	NO
2	U24114GJ2003PTC042586	NIDHI PETROCHEMICALS PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
3	U51100GJ1999PTC036310	BLEACH MARKETING PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
4	U60210GJ2006PTC048871	BLEACH TOURISM PRIVATE LIMITED	Director	08/08/2006	08/08/2006	18/11/2009	Active	NO

Name :

Mr. Bhavdeep Vajubhai Vala

Designation :

Director

Address :

Balmukund Plot, Main Road, Corner Nirmala Road, Opposite Mangal Bhuvan Apartment, Raikot-350005, Gujarat, India

Date of Birth/Age :

26.11.1965

Date of Appointment :

22.08.1999

DIN No.:

00153775

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	U51100GJ1999PTC036310	BLEACH MARKETING PRIVATE LIMITED	Director	22/08/1999	22/08/1999	-	Active	NO
2	U72200GJ1997PTC032151	SHREE MARUTINANDAN HOTELS AND ESTATE PRIVATE LIMITED	Director	28/02/2000	28/02/2000	-	Active	NO
3	U32301GJ2000PTC038104	CHAITANYA CINE WORLD PRIVATE LIMITED	Director	01/12/2000	01/12/2000	-	Active	NO
4	U45201GJ1996PTC031386	SHRI RADHESHYAM LAND DEVELOPERS PRIVATE LIMITED	Director	22/02/2002	22/02/2002	-	Active	NO
5	U45200GJ1995PTC027071	MANSI BUILDER PVT LTD	Director	24/05/2006	24/05/2006	01/09/2011	Active	NO
6	L65910GJ1984PLC007486	RAJATH FINANCE LIMITED	Director	28/09/2007	27/02/2007	-	Active	NO
7	U70101GJ2009PTC058261	TEJAS BUILDERS PRIVATE LIMITED	Director	07/10/2009	07/10/2009	08/05/2010	Active	NO
8	U70101GJ2009PTC058260	SANIDHYA REALITIES PRIVATE LIMITED	Director	07/10/2009	07/10/2009	10/03/2010	Active	NO
9	U70101GJ2009PTC058259	MADHUKAR REALITIES PRIVATE LIMITED	Director	07/10/2009	07/10/2009	07/06/2011	Active	NO
10	U70101GJ2009PTC058258	CHIRAG REALITIES PRIVATE LIMITED	Director	07/10/2009	07/10/2009	15/04/2010	Active	NO
11	U70101GJ2009PTC058257	BHAVESH PROPERTIES PRIVATE LIMITED	Director	07/10/2009	07/10/2009	08/05/2010	Active	NO
12	U45201GJ1992PTC017021	PENINSULA BUILDERS PVT LTD	Director	01/12/2009	01/12/2009	22/01/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Keyur Sevantilal Shah	8500
Sevantilal Bhurabhai Shah	100
Manishaben Dixitbhai Shah	45190
]alpaben Keyurbhai Shah	100
Keyur Sevantilal Shah as a Parhrer of Bleachchem	10
Manisha Dixit Shah as a Proprietor of Shree Padmavati Trading Company	10
Rushabh Keyur Shah	36590
Total	90500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporters Of benzene, bright yellow sulphur, imported coal, rock phosphate, acetone, phenol, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India

· ICICI Bank Limited

· State Bank of India

Facilities :

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
From Shareholders – M/s. Bleach Chem	22.611	0.612
Total	22.611	0.612

Banking Relations :	--
Auditors :
Name :	Ashwin H. Shah and Company Chartered Accountants
Address :	B-604, Premium House, B/H. Handloom House, B-604, Premium House, B/H. Handloom House, Ahmedabad- 380009, India
PAN No.:	ABIPS3443G
Sister Concern :	· Bleach Tourism Private Limited · Bleach Chem · Nidhi Petrochemical Private Limited
Trust in which Director is Trustee:	Bhurabhai Fulchand Shah Charitable Trust

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90500	Equity Shares	Rs.10/- each	Rs.0.905 Million

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		0.905	0.905	0.905
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.274	22.311	20.509
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.179	23.216	21.414
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		22.611	0.612	6.897
TOTAL BORROWING		22.611	0.611	6.897
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		47.790	23.828	28.311
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.823	4.875	6.467
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.434	0.368	0.234
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	34.151	20.537	13.439
	Cash & Bank Balances	10.503	6.713	10.013
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.284	1.510	4.920
Total Current Assets		50.938	28.760	28.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.182	9.844	5.101
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.223	0.331	1.663
Total Current Liabilities		7.405	10.175	6.764
Net Current Assets		43.533	18.585	21.608
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		47.790	23.828	28.311

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	882.259	509.935	1141.497
		Other Income
		TOTAL	882.259	509.935	1141.497
Less	EXPENSES
		Office Expenses	879.365	507.242	1136.011
		Administrative Expenses
		Advertising Expenses
		TOTAL	879.365	507.242	1136.011
	PROFIT BEFORE TAX		2.894	2.693	5.486
Less	TAX		0.931	1.024	2.804
	PROFIT AFTER TAX		1.963	1.669	2.682
	Earnings Per Share (Rs.)		21.69	19.92	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.22	0.33	0.23
Return on Total Assets (PBT/Total Assets}	(%)	5.28	8.01	15.75
Return on Investment (ROI) (PBT/Net worth)		0.11	0.12	0.26
Debt Equity Ratio (Total Liability/Net worth)		1.19	0.46	0.64
Current Ratio (Current Asset/Current Liability)		6.88	2.83	4.19

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 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	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	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
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 office of the company has been shifted from 120 Bleach Chem Compound, Opposite PD Bunglow, Chandola Lake, Ahmedabad Gujarat, India, 380028 to the present address w.e.f. 02.05.2009

FIXED ASSETS:

· Furniture

· Office Equipment

· Vehicle – Car

· Scooter

· Computer

· Tanker

· Truck

· Air Condition

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 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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

MRI

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.