MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	SHUBHAM GINNING PRESSING PRIVATE LIMITED
Registered Office :	Geeta Nagar Atkot Road, Jasdan, Rajkot – 360050, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.2007
Com. Reg. No.:	04-051953
Capital Investment / Paid-up Capital :	Rs. 8.500 millions
CIN No.: [Company Identification No.]	U17100GJ2007PTC051953
TAN No.: [Tax Deduction & Collection Account No.]	RKTS05403G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of cotton ginning
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payment are reported to be slow but correct. 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	ICRA
Rating	B+ (Cash Credit)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation
Date	March 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 Office :	Geeta Nagar Atkot Road, Jasdan, Rajkot – 360050, Gujarat, India
Tel. No.:	91-2821-288005
Fax No.:	Not Available
E-Mail :	inforajkot@psca.in

DIRECTORS

As on 30.09.2011

Name :

Vimal Mansukhbhai Kotdiya

Designation :

Director

Address :

NR Gayatri Temple, Near Atkot Road, Jasdan, Gujarat – 360 050, India

Date of Birth/Age :

10.05.1989

Date of Appointment :

25.02.2011

DIN No.:

03419611

Name :

Mr. Sanjay Rajivbhai Harkhani

Designation :

Director

Address :

Geeta Nagar Atkot Road, Jasdan, Rajkot – 360 050, Gujarat, India

Date of Birth/Age :

16.09.1978

Date of Appointment :

12.10.2007

DIN No.:

01792941

Name :

Mr. Hardik R Harkhani

Designation :

Director

Address :

AT Kalasar, Takuka Jasdan, Rajkot – 360 050, Gujarat, India

Date of Birth/Age :

12.07.1983

Date of Appointment :

10.03.2008

DIN No.:

02076430

Name :

Mr. Dipak Kumar Ramani

Designation :

Director

Address :

MU. Jasdan, Taluka Jasdan, Rajkot – 360 050, Gujarat, India

Date of Birth/Age :

22.01.1973

Date of Appointment :

01.07.2008

DIN No.:

02145849

Name :

Mr. Ajay Kanubhai Vaghasiya

Designation :

Director

Address :

MU. Jasdan, Taluka Jasdan, Rajkot – 360 050, Gujarat, India

Date of Birth/Age :

14.11.1986

Date of Appointment :

02.06.2008

DIN No.:

02145856

Name :

Mr. Vinubhai Vashrambhai Harkhani

Designation :

Director

Address :

274, Harijanvasthi Harkhani Sherry, Kalasar – 2, Kalasar, Taluka Jasdan, District Rajkot, Jasdan – 360 050, Gujarat, India

Date of Birth/Age :

08.03.1970

Date of Appointment :

01.07.2008

DIN No.:

02264306

Name :

Mr. Bharat Boghara

Designation :

Director

Address :

MU. PO. Kamalapur, Vaya Sardar, Taluka Jusdan, District, Rajkot, Jasdan – 360 001, Gujarat, India

Date of Birth/Age :

22.06.1978

Date of Appointment :

19.05.2008

DIN No.:

00060225

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	U17121GJ2006PTC048344	BHOOMI GINNING PRESSING PRIVATE LIMITED	Director	30/05/2006	30/05/2006	-	Active	NO
2	U17121GJ2007PTC050608	DHRUV COTTON PROCESSING PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
3	U17100GJ2007PTC051953	SHUBHAM GINNING PRESSING PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Sanjaybhai Ravjibhai Harkhani	171042
Vinubhai Vhashrambhai Harkhani	34250
Hardikbhai Ravjibhai Harkhani	64842
Deepakkumar Kantilal Ramani	46875
Ajaybhai Kanubhai Vaghasiya	49750
Nileshbhai Devjibhai Sakhiya	37875
Amarshibhai Nathubhai Boghara	3125
Ambabhai Valjibhai Boghara	13806
Bachubhai Khodabhai Ramani	5625
Bhagvanbhai Valjibhai Boghara	16845
Bhikabhai Parshotambhai Ramani	3750
Chamanbhai Bhurabhai Ramani	4625
Chandubhai Ravjibhai Bhimani	7450
Chhaganbhai Virjibhai Sakariya	16825
Devabhai Rajabhai Kachadiya	4375
Devjibhai Chakubhai Shakhiya	7700
Dharmshibhai Parshotambhai Ramani	7500
Dhirubhai Vashrambhai Harkhani	32000
Gordhanbhai Parshotambhai Ramani	7125
Gordhanbhai Valjibhai Boghara	20295
Govindbhai Karamshibhai Ramani	2250
Haribhai Nathabhai Jodhani	17100
Hasmukhbhai Ravjibhai Bhimani	6200
Kanubhai Bavanjibhai Vaghasiya	4950
Keshubhai Ramjibahi Ramani	4250
Madhubhai Ravjibhai Bhimani	7700
Nagjibhai Nathubhai Boghara	8832
Nagjibhai Ramjibhai Ramani	4375
Pragjibhai Bhurabhai Domadiya	5625
Pravinbhai Dudabhai Dhanani	16200
Pravinbhai Popatbhai Ramani	8750
Pravinbhai Ravjibhai Bhimani	2125
Shaileshbhai Bhurabhai Ramani	6625
Shambhubhai Ranchodbhai Vaghasiya	6875
Thakarshibhai Rajabhai Kachadiya	4500
Valabhai Gelabhai Ramani	5250
Vallabhbhai Raiyabhai Bambhaniya	9375
Vallabhbhai Ramjibhai Ramani	4875
Vallabhbhai Vashrambhai Harkhani	32237
Vashrambhai Jivabhai Harkhani	34125
Vipulbhai Bhurabhai Ramani	6250
Bavchandbhai Natubhai Boghara	12106
Bharatbhai Nagjibhai Ramani	8711
Dineshbhai Vallabhbhai Ramani	7107
Gopalbhai Vallabhbhai Boghara	3231
Jentibhai Gordhanbhai Bhoghara	17368
Prabhaben Ravjibhai Harkhani	23241
Ukabhai Naranbhai Bambhaniya	10650
Vallabhabhai Boghabhai Vaghani	13437
TOTAL	850000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of cotton ginning

Products :

ITC Code	Product Descriptions
-	Cotton Seed and Ginned Cotton

GENERAL INFORMATION

Suppliers :

· Ganga Oil Mill

· Banshi Cotton Private Limited

· Dhanlaxmi Cotton Company

Customers :

· Jay Enterprise

· Jaina Enterprise

· Lalit Industrial Agencies

· National Bulk Handaling corporation

· Priyanka Sagar Exports

· Praful Trading Company

· Silver Engineering company

· Shivam Textile

· Vijay Cotton Agencies

· Paikh Shah Chotalia and Associates

No. of Employees :

Not Available

Bankers :

· State Bank of India, Main Bazar, Jasdan Branch, Jasdan – 360050, Gujarat, India

· HDFC Bank

· Rajkot District Co-operative Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
State Bank of India - Cash Credit A/c No. 30549900538 (Secured Against Hypothecation of Stock & Book Debts) State Bank of India - SLC A/c No. 30660081543 (Secured Against Hypothecation of Stock & Book Debts) State Bank of India - Term Loan A/c No. 66026024240 (Secured Against Hypothecation of Plant and Machinery installed in the Factory)	66.796 0.000 16.251	63.686 13.137 23.059
Total	83.047	99.882
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors, Shareholders and Relatives of Directors	13.316	12.532
Total	13.316	12.532

Banking Relations :	--
Auditors :
Name :	Jay Harshadbhai Chotalia Chartered Accountants
Address :	Shiv Hari, Opposite Jalaram Petrol Pump, 2-Kirtinagar Society, Rajkot – 360 005, Gujarat, India
PAN No.:	ABNPC4884A

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs. 10/- each	Rs. 8.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs. 10/- each	Rs. 8.500 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		8.500	7.500	4.970
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.335	22.817	14.923
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.835	30.317	19.893
LOAN FUNDS
1] Secured Loans		83.047	99.883	87.259
2] Unsecured Loans		13.316	12.532	3.450
TOTAL BORROWING		96.363	112.415	90.709
DEFERRED TAX LIABILITIES		0.154	0.206	0.197
TOTAL		131.352	142.938	110.799
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.776	32.781	37.012
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.532	1.533	1.327
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.002	90.420	67.901
	Sundry Debtors	6.330	18.724	3.915
	Cash & Bank Balances	11.558	0.797	2.205
	Other Current Assets	0.525	0.140	1.268
	Loans & Advances	0.196	1.118	0.206
Total Current Assets		103.611	111.199	75.495
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.154	0.326	0.815
	Other Current Liabilities	2.319	1.930	1.736
	Provisions	0.152	0.407	0.599
Total Current Liabilities		2.625	2.663	3.150
Net Current Assets		100.986	108.536	72.345
MISCELLANEOUS EXPENSES		0.058	0.088	0.115
TOTAL		131.352	142.938	110.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	542.946	315.117	NA
		Other Income	0.072	524.555	NA
		TOTAL (A)	543.018	839.672	NA
Less	EXPENSES
		Office Expenses			NA
		Administrative Expenses			NA
		Advertising Expenses			NA
		TOTAL (B)	530.087	825.336	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.931	14.336	6.117
Less	FINANCIAL EXPENSES (D)		8.281	9.299	3.935
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.650	5.037	2.182
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.072	4.610	1.942
	PROFIT BEFORE TAX (E-F) (G)		0.579	0.427	0.240
Less	TAX (I)		0.061	0.052	0.226
	PROFIT AFTER TAX (G-I) (J)		0.518	0.359	0.014
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.317	0.013	0.000
Add	EXCESS/(SHORT) PROVISION FROM PREVIOUS TAX		0.000	0.025	0.000
Less	Prior Period Items Adjustments		0.000	0.080	0.000
	BALANCE CARRIED TO THE B/S		0.835	0.317	0.014
	Earnings Per Share (Rs.)		0.60	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.09	0.04	NA
Net Profit Margin (PBT/Sales)	(%)	0.10	0.13	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.44	0.29	0.21
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		2.84	3.79	4.71
Current Ratio (Current Asset/Current Liability)		39.47	41.75	23.96

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17100GJ2007PTC051953
Name of the company	SHUBHAM GINNING PRESSING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Geeta Nagar Atkot Road, Jasdan, Rajkot – 360050, Gujarat, India e-mail: bhaveshatrivedi@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10119711
Type of charge	Book Debts Movable Property Immovable property Floating charge
Particular of charge holder	State Bank of India, Main Bazar, Jasdan Branch, Jasdan – 360050, Gujarat, India e-mail: sbi.60077@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement of Loan cum Hypothecation. 2. Memorandum relating to deposits of title deeds for creation of other charge for Term Loan overall limit where the initial charge is created by way of mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	21.04.2011
Amount secured by the charge	Rs. 110.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As prescribed by Bank Terms of Repayment As prescribed by Bank Margin As prescribed by Bank Extent and Operation of the charge Charge will operate as first and exclusive charge in favour of bank till due repayment of Loan, Interest and any other charges due on it. Others Present Limit: FBWC : Rs. 80.000 millions TL : Rs. 30.000 millions Total Rs. 110.000 millions
Short particulars of the property charged	Hypothecation of all the present and future Stock, Goods, Raw materials, Book-Debts, Movable Plant and Machineries and other Movable assets more particularly described in schedule B of Agreement executed with Bank Immovable Property situated at Non Agriculture Land, R. S. No. 165p3/p1, Are. 0-99-15 & S. No. 165p3/p2 Hec. Are. 1-61-88 total Sq. Mt. 26103-00 Located at Jangvad, Tal. Jasdan, Dist. Rajkot.
Date of latest modification prior to the present modification	04.02.2010
Particulars of the present modification	Charge has been modified by way of increase in FBWC Limit from Rs. 67.500 millions to Rs. 80.000 millions and the limit of Term Loan Remain Same as Rs. 30.000 millions. Hence the total charge has been modified from Rs. 97.500 millions to Rs. 110.000 millions along with all past modifications.

FIXED ASSETS:

· Land

· Building Construction

· Godown Construction

· Computer System

· Loader and Tractor

· Plant and Machinery

· Air Conditioner

· Moisture Meter

· Television

· Furniture

· Vehicle

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.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

INFORMATION DETAILS

Report Prepared by :

NID

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	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.