MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	PATEL KENWOOD PRIVATE LIMITED
Registered Office :	Plot No.100-103, G.I.D.C., Timber Market, Ankleshwar – 393002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.11.1997
Com. Reg. No.:	04-033287
Capital Investment / Paid-up Capital :	Rs. 36.260 Millions
CIN No.: [Company Identification No.]	U20100GJ1997PTC033287
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plain Particle Boards, Melamine Particle Boards etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 410000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some losses recorded by the company during 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit :BB
Rating Explanation	The rating considered to here moderate risk of default regarding timely servicing of financial obligation.
Date	July 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. Rajesh Patel
Designation :	Manager
Contact No.:	91-9924193400
Date :	05.08.2013

LOCATIONS

Registered Office/ Factory :	Plot No.100-103, G.I.D.C., Timber Market, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-221319/ 220629/ 220216
Mobile No.:	91-9924193400 (Mr. Rajesh Patel)
Fax No.:	91-2646-250680
E-Mail :	ranganipatel@yahoo.com info@kenwood.in patelkenwood@sify.com
Website :	http://www.kenboard.in http://www.patelkenwood.com http://www.exporterindia.com
Area :	3000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Chhaganbhai Virjibhai Patel
Designation :	Director
Address :	Patel Kunj, Umiya Society, Ankleshwar, District Bharuch, Gujarat, India
Date of Birth/Age :	01.06.1957
Date of Appointment :	10.11.1997
DIN No.:	00584742
Name :	Mr. Pursottambhai Virjibhai Patel
Designation :	Director
Address :	Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, Gujarat, India
Date of Birth/Age :	02.08.1965
Date of Appointment :	10.11.1997
DIN No.:	00584815
Name :	Mr. Ratanshi Tejabhai Patel
Designation :	Director
Address :	712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, Kolhapur – 416012, India
Date of Birth/Age :	01.06.1952
Date of Appointment :	01.03.2005
DIN No.:	00711093
Name :	Mr. Kantibhai Virjibhai Patel
Designation :	Director
Address :	Patel Kunj, Umiya Society, Ankleshwar, Dist Bharuch, Gujarat, India
Date of Birth/Age :	01.06.1959
Date of Appointment :	10.11.1997
DIN No.:	00584775
Name :	Mr. Haresh Virjibhai Patel
Designation :	Director
Address :	712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, Kolhapur – 416012, India
Date of Birth/Age :	22.06.1977
Date of Appointment :	01.03.2005
DIN No.:	00597863
Name :	Mr. Dinesh Karsanbhai Patel
Designation :	Director
Address :	712/5, Chhatrpati Rajaram, Timber Mart, Gokul Dham, Kolhapur – 416012, India
Date of Birth/Age :	29.08.1980
Date of Appointment :	01.03.2005
DIN No.:	00597910

KEY EXECUTIVES

Name :	Mr. Rajesh Patel
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Patel Chhaganbhai Virjibhai	246000
Patel Pursottambhai Virjibhai	206500
Patel Kantilal Virjibhai	80000
Patel Virjibhai Karsanbhai	220500
Patel Damyantiben Kantilal	97500
Patel Gitaben Pursottambhai	126200
Patel Nimuben Chhaganbhai	80000
Patel Chhaganbhai Virjibhai (HUF)	130000
Patel Pursottambhai Virjibhai (HUF)	120000
Patel Kantilal Virjibhai (HUF)	10000
Patel Dineshbhai Karsanbhai	315000
Patel Hareshbhai Ratanshibhai	285300
Patel Ratanshibhai Tejalal	265500
Patel Karsanbhai Tejalal	170000
Patel Dahiben S.	55000
Patel Dhiraj R.	85000
Patel Radhika K.	5000
Patel Rajesh K.	75000
Patel Ratanben K.	78400
Patel Sanjay S.	68800

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plain Particle Boards, Melamine Particle Boards etc.
Products :	Ø Plain Bagasse Particle Board Ø Pre-Laminated Bagasse Particle Board Ø OSL (One Side Laminated) Ø BSL (Both Side Laminated) Ø Particle Boards Ø Melamine Particle Board Ø Melamine Colour
Imports :
Products :	Raw Material
Countries :	· South Africa · Thailand · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	2010-2011 Sq. Mt.
Licensed Capacity	N.A.
Installed Capacity	2500000
Actual Production	2012533

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

50 (Approximately)

Bankers :

Ø State Bank of India, Industrial Estate Branch, GIDC, Ankleshwar-393002, Gujarat, India

Ø HDFC Bank Limited, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowing
State Bank of India	135.275	67.454
HDFC Bank Limited	0.197	0.746
Short term borrowing
State Bank of India	89.667	19.237
Total	225.139	87.437

Banking Relations :	--
Auditors :
Name :	J. R. kakadiya and Company Chartered Accountants
Address :	217, Anmol Plaza Complex, Opposite GIDC Bus Stand, Ankleshwar – 393002, Gujarat, India
PAN No.:	AAESJ8607Q
Entity Under Common Control :	· Patel Corporation · Jalaram Wood Processors

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3626000	Equity Shares	Rs.10/- each	Rs.36.260 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.260	36.260
(b) Reserves & Surplus	68.256	85.428
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	104.516	121.688
(3) Non-Current Liabilities
(a) long-term borrowings	178.597	77.761
(b) Deferred tax liabilities (Net)	17.460	19.075
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	196.057	96.836
(4) Current Liabilities
(a) Short term borrowings	89.667	19.237
(b) Trade payables	46.428	11.985
(c) Other current liabilities	6.120	(15.729)
(d) Short-term provisions	2.868	6.457
Total Current Liabilities (4)	145.083	21.950
TOTAL	445.656	240.474
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	241.445	152.420
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	7.511	1.405
(d) Long-term Loan and Advances	1.596	1.145
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	250.552	154.970
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	101.149	45.995
(c) Trade receivables	25.285	12.037
(d) Cash and cash equivalents	13.655	5.579
(e) Short-term loans and advances	55.015	21.893
(f) Other current assets	0.000	0.000
Total Current Assets	195.104	85.504
TOTAL	445.656	240.474

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.260
2] Share Application Money		0.000
3] Reserves & Surplus		55.925
4] (Accumulated Losses)		0.000
NETWORTH		92.185
LOAN FUNDS
1] Secured Loans		78.301
2] Unsecured Loans		9.552
TOTAL BORROWING		87.853
DEFERRED TAX LIABILITIES		19.519
TOTAL		199.557
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.234
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.848
	Sundry Debtors	11.514
	Cash & Bank Balances	1.055
	Other Current Assets	0.000
	Loans & Advances	10.258
Total Current Assets		98.747
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.342
	Other Current Liabilities	0.000
	Provisions	5.118
Total Current Liabilities		20.791
Net Current Assets		77.956
MISCELLANEOUS EXPENSES		1.367
TOTAL		199.557

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	188.311	211.568	157.919
		Other Income	48.728	14.761	NA
		TOTAL (A)	237.039	226.329	NA
Less	EXPENSES
		Cost of Material Consumed	138.961	96.810
		Changes in inventories of finished goods WIP	(25.961)	8.920
		Employee Benefit Expense	10.416	8.609
		Other Expenses	90.731	50.831
		TOTAL (B)	214.147	165.170	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.892	61.159	NA
Less	FINANCIAL EXPENSES (D)		19.656	9.540	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.236	51.619	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.535	16.576	17.794
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(26.299)	35.043	13.422
Less	TAX (H)		(9.128)	5.540	10.108
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(17.172)	29.503	3.314
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis	0.338	0.000	0.000
	TOTAL EARNINGS		0.338	0.000	0.000
	IMPORTS
		Raw Materials	12.810	6.732	6.123
		Capital Goods	41.491	11.911	0.337
	TOTAL IMPORTS		54.301	18.643	6.460
	Earnings Per Share (Rs.)		4.74	8.14	0.91

Particulars	31.03.2013
Sales Turnover (Approximately)	400.000
	Sales turnover increased due to more order received.

The above information has been parted by Mr. Rajesh Patel

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(7.25)	13.03	NA
Net Profit Margin (PBT/Sales)	(%)	(13.97)	16.56	8.50
Return on Total Assets (PBT/Total Assets}	(%)	(6.00)	14.66	6.13
Return on Investment (ROI) (PBT/Networth)		(0.25)	0.29	0.15
Debt Equity Ratio (Total Debt/Networth)		2.57	0.80	0.95
Current Ratio (Current Asset/Current Liability)		1.35	3.90	4.75

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 four 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	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowing
Loans and advance from related parties	43.125	9.561
Total	43.125	9.561

WORKING AND OPERATIONS

During FY 2011-12, the company had to face critical situation of fire and delay in production. On 6th May 2011, a fire took place at the company's factory premises situated at Moti Naroli, near Kim, Gujarat, where bagasse and other raw materials are stored. Althought the premises were insured, the company had to bear the partial loss which was substantial. Due to timely fire fighting help from Notified Area Office, Ankleshwar as well as Surat Municipal Fire Department further loss was mitigated. On account of this incident, factory had to be shut down for around 15 days, resulting into loss of profit.

Further, the company had procured various chinese machineries during the year duly financed by State Bank of India. However, due to flood situation in China, the implementation of these machineries was delayed, which also affected the production.

However, on a brighter, the company had arranged several visits to Sri Lanka, resulting in some positive inquiries, which later got converted into firm sales. 3 containers were dispatched to Sri Lanka after the balance sheet date. They look forward for developing particle board market in Sri Lanka.

As a means for cost reduction, the company has sourced cheaper raw material (bagasse) from Maharashtra for the first time This was due to the overwhelming response of new products developed by the company during FY 2011-12

During FY 2011-12, the company developed several new designs of Eco Friendly particle boards. New products like square design, 3D image which are superior in quality, strength and durability have huge demand in the market. The company also developed a new cold storage facility for storage of designer papers being raw materials for prelaminated particle boards.

For new product development, the company had arranged visit to China. Further, the company also launched its new product - Flush doors made with fillers.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90108127	25/04/2013 *	242,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, Gujarat -390007, INDIA	B75717553
2	80052233	03/05/2013 *	242,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, Gujarat -390007, INDIA	B75930966

FIXED ASSETS:

Ø Air Conditioner

Ø Building

Ø Car (GJ-16-AJ-3111)

Ø Computer

Ø Cycle

Ø Dead Stock

Ø Electric Installation

Ø EPABX (Intercom)

Ø Fax Machine

Ø Fire Equipment

Ø Fork Lift

Ø Innova Car

Ø Laboratory Equipment

Ø Land and Land Development

Ø Machinery

Ø Motor Car (Tata Mobile)

Ø Office Equipment

Ø Shed

Ø Telephone and Mobile INST

Ø Tractor

Ø Weigning Machine

Ø Wind Mill

Ø Car (GJ-16-AJ-7050)

Ø Building (New)

Ø Plant and Machinery (New)

Ø Tractor Eicher

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.82
UK Pound	1	Rs. 92.97
Euro	1	Rs. 80.73

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.