MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	KORES INTERNATIONAL PRIVATE LIMITED
Formerly Known As :	KORES IMPEX PRIVATE LIMITED
Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.02.1987
Com. Reg. No.:	11-042413
Capital Investment / Paid-up Capital :	Rs.6.500 millions
CIN No.: [Company Identification No.]	U51900MH1987PTC042413
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12221G
PAN No.: [Permanent Account No.]	AAACK2399F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of School Stationery.
No. of Employees :	Not Available

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 520000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the turnover and profitability of the company. 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 as per commitments. The company can be considered normal for business dealings of 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

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 (GENERAL DETAILS)

Name :	Ms. Shaiyla Sawant
Designation :	Senior Executive
Contact No.:	91-22-40974498
Date :	12.09.2012

LOCATIONS

Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-40974444/ 40974498 / 24964636
Mobile No.:	91-9930005386 (Mr. Deepak Pednekar)
Fax No.:	91-22-40974436/ 40/ 24950401
E-Mail :	export@kores-india.com koresimpex@rediffmail.com ragini.c@rediffmail.com legal@kores-india.com
Website :	www.koresinternaitonal.net
Area :	5000 sq ft
Location :	Owned
Head Office :	202, Ashford Chambers, Lady Jamshedji Road, Mahim, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24476800
Fax No.:	91-22-24476999
Factory :	Goa, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Adarsh Kishanlal Chopra

Designation :

Director

Address :

A-1, 304, Vikas Complex, Castle Mill Naka, L B S Marg, Thane - 400 601, Maharashtra, India

Date of Birth/Age :

27.03.1958

Qualification :

Post Graduate

Date of Appointment :

26.05.2007

DIN No.:

00313851

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	U65990MH1974PTC017770	NORTH WEST INVESTMENTS COMPANY PRIVATE LIMITED	Director	9/1/2001	9/1/2001	-	Active	NO
2	U36991MH1961PTC012155	QUALITY INKS PRIVATE LIMITED	Director	2/6/2003	2/6/2003	-	Active	NO
3	U74140MH1997PTC110431	EVERSHINE CONSULTANCY SERVICES PRIVATE LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
4	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	26/05/2007	26/05/2007	-	Active	NO
5	L65990MH1971PLC015137	FUTURISTIC SECURITIES LIMITED	Director	29/09/2010	28/01/2010	-	Active	NO

Name :

Ms. Vimal Bagadia

Designation :

Director

Address :

13/11, Bageshri, Oswal Park, Pokhran Road No.2, Thane (West) -400 601, Maharashtra, India

Date of Birth/Age :

03.06.1957

Qualification :

Post Graduate

Date of Appointment :

26.05.2007

DIN No.:

00347885

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	U30007MH1999PTC117972	KORES PRINTER TECHNOLOGY PRIVATE LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
2	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	26/05/2007	26/05/2007	-	Active	NO
3	U36991MH1961PTC012155	QUALITY INKS PRIVATE LIMITED	Director	30/09/2009	28/03/2009	-	Active	NO

Name :

Mr. Pradeep Kumar Jatwala

Designation :

Director

Address :

J.D. Apartment, Flat No.302, Sector – 5, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

15.09.1966

Date of Appointment :

30.09.2009

DIN No.:

00053991

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	U24110AP1991PLC012648	NANDINI CHEMICALS LIMITED	Director	31/03/1998	31/03/1998	-	Active	NO
2	U65990MH1981PLC025482	VISHVAKIRTI CONSULTANCY LIMITED	Director	9/10/2000	9/10/2000	-	Active	NO
3	U30007MH1999PTC117972	KORES PRINTER TECHNOLOGY PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
4	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	30/09/2009	28/03/2009	-	Active	NO
5	U74950MH1969PTC014381	SOLAR PACKAGING PRIVATE LIMITED	Director	29/09/2010	7/11/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shaiyla Sawant
Designation :	Senior Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Reprobell Finance Company Limited, United Kingdom	640000
Rekha Thirani	5000
Anand Kumar Thirani	5000
Total	650000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of School Stationery.
Products :	· Ball Pens: Popular, Sneha Pride, Winner Script, Suffy - Sentra, Spectra- Achieva, Nova- Ranger, A100-A150. · Gel Pens: Scholar, Samrat, Schooly · Metal and Half Metal Ball Point Pens and Mechanical Pencil: AM 350 - Esteem II, Crest-Futura, AM-360, AM-2091-Zap, Am - 2115, AM 2090 · Markers and Highlighters: White Board Marker, Permanent Marker, OHP Marker, Highlighter, (Radiant), Highlighter Transliter, Highlighter - Mini. · Gift and Promotion Packs
Exports :
Products :	School Stationery
Countries :	· USA · Canada · Brazil · Mexico · Poland · Germany · Italy · Malaysia · Panama · Spain · UK · East Europe · Kenya · Portugal · Ghana · Nigeria
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

Not Available

Bankers :

Central Bank of India, Corporate Banking Branch, M G Road, Fort, Mumbai –400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Vehicle Loans (secured by way of hypothecation of specific cars)	2.313	4.123
Total	2.313	4.123

Banking Relations :	--
Auditors :
Name :	R. Jaitlia and Company Chartered Accountants
Address :	11, Yashwant Chambers, 3^rd Floor, 18, Burjorji Bharucha Marg, Near Kala Ghoda, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-40028491 / 22653607
Fax No.:	91-22-22653607
E-Mail :	compliancemasters@yahoo.com
PAN.:	AADFR5334L
Memberships :	Federation of Indian Export Organizations (FIEO)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.10/- each	Rs.6.500 millions

NOTE:

(Of the above 640000 equity shares are held by Reprobel Finance and Investment Company Limited the holding company, registered abroad)

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		6.500	6.500	6.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		123.881	117.429	98.515
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.381	123.929	105.015
LOAN FUNDS
1] Secured Loans		2.313	4.123	4.405
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.313	4.123	4.405
DEFERRED TAX LIABILITIES		0.808	0.795	0.811
TOTAL		133.502	128.847	110.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.483	5.974	1.273
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	23.452	26.971	20.872
	Sundry Debtors	6.657	25.973	26.724
	Cash & Bank Balances	3.714	5.977	6.375
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	103.763	83.056	73.488
Total Current Assets		137.586	141.977	127.459
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.276	17.097	12.480
	Other Current Liabilities	2.175	0.214	2.604
	Provisions	2.116	1.793	3.417
Total Current Liabilities		8.567	19.104	18.501
Net Current Assets		129.019	122.873	108.958
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		133.502	128.847	110.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	144.617	199.341	190.431
		Other Income	13.810	20.377	12.491
		TOTAL (A)	158.427	219.718	202.922
Less	EXPENSES
		Purchases	120.615	165.121	139.635
		Freight and Forwarding Charges (Net)	1.718	4.854	5.053
		Payment to & Provision for Employees	5.944	6.212	6.294
		Selling, Administrative and Other Expenses	17.016	18.491	22.448
		Bank Charges	0.000	0.000	0.719
		Increase / (Decrease) in Stock	3.519	(6.099)	5.741
		TOTAL (B)	148.812	142.713	179.890
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.615	77.005	23.031
Less	FINANCIAL CHARGES EXPENSES (D)		1.183	1.359	0.446
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.432	75.646	22.585
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.566	1.381	1.111
	PROFIT BEFORE TAX (E-F) (G)		6.866	28.398	21.474
Less	TAX (H)		0.414	9.485	7.712
	PROFIT AFTER TAX (G-H) (I)		6.452	18.913	13.762
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		117.375	98.462	84.700
	BALANCE CARRIED TO THE B/S		123.827	117.375	98.462
	EARNINGS IN FOREIGN CURRENCY		142.617	197.609	165.870
	Earnings Per Share (Rs.)		9.93	29.10	21.17

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.07	8.61	6.78
Net Profit Margin (PBT/Sales)	(%)	4.75	14.25	11.28
Return on Total Assets (PBT/Total Assets}	(%)	4.83	19.19	16.68
Return on Investment (ROI) (PBT/Networth)		0.05	0.23	0.20
Debt Equity Ratio (Total Liability/Networth)		0.08	0.19	0.22
Current Ratio (Current Asset/Current Liability)		16.06	7.43	6.89

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	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	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	No

Note:

The Registered Office of the company has been shifted from Kores House, Plot No.10, Off Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f. 15.06.2011.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51900MH1987PTC042413
Name of the company	KORES INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 10, Off Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India legal@kores-india.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90163273
Type of charge	· Book Debts · Movable property (not being pledge) · Others: (Current Assets)
Particular of charge holder	Central Bank of India, Corporate Finance Branch, MMO Building, 1^st Floor, M. G. Road, Fort, Mumbai 400001, Maharashtra, India adlalwani@rediffmail.com
Nature of instrument creating charge	1. Agreement of hypothecation of secure demand packing credit against goods 2.Agreement of hypothecation of goods to secure-letter of credit (DA Basis) 3. General counter guarantee and indemnity covering several guarantees within the sanctioned guarantee limit (all above agreement constitute a single charge)
Date of instrument Creating the charge	24.06.2010
Amount secured by the charge	Rs.25.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per stipulated by bank from time to time Terms of Repayment: As per stipulated by bank from time to time Margin: As per stipulated by bank from time to time Extent and Operation of the charge: First Charge (Present and Future) Total Limit= Rs.25.000 Millions (PC CUMEBP/ EBD/ AAC = Rs.20.000 Millions, Inland/Import L/C DP/DA = Rs.1.000 Millions, Bank Guarantee = Rs.4.000 Millions) and/ or as per stipulated by bank from time to time Others: As per stipulated by bank from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge (Present and Future) Hypothecation of all tangible movable property such product, stock-in-trade and goods kept at borrower premises or where ever else or in transit including bought under L.C. Hypothecation of all book debts and receivables including export bill, ECGC Cover Hypothecation of all documents under L/C
Particulars of the present modification	By this modification limit enhanced to Rs.25.000 Millions (PC cum EBP/ EBD/ AAC = Rs.20.000 Millions, Inland/ Import L/C DP/DA = Rs.1.000 Millions bank guarantee = Rs.4.000 Millions), securities are continued as given by original charge as well as by modification, terms and conditions.

FIXED ASSETS:

· Vehicles

· Computer

· Furniture and Fixtures

· Plant and Machinery

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

NTH

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	5
--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	YES
--AFFILIATION	YES/NO	NO
--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.