MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	CONCAST ISPAT LIMITED
Registered Office :	21, Hemant Basu Sarani, Mezzanine Floor, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.04.1941
Com. Reg. No.:	21-010497
Capital Investment / Paid-up Capital :	Rs.293.950 Millions
CIN No.: [Company Identification No.]	U27101WB1941PLC010497
TAN No.: [Tax Deduction & Collection Account No.]	CALC05429E
PAN No.: [Permanent Account No.]	AAACC996J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel (M.S.) Materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 5847000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered/ Corporate Office :	21, Hemant Basu Sarani, Mezzanine Floor, Kolkata – 700 001, West Bengal, India
Tel No.	91-33-22105797/ 22130481/ 87
	91-33-22130488
E-Mail :	mja_cal@yahoo.com concastispat@vsnl.net kedia_aditya@yahoo.co.in
Website :	http://www.concastispat.com

DIRECTORS

As on 26.09.2011

Name :

Mr. Sanjay Kumar Sureka

Designation :

Director

Address :

28/1, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

22.01.1971

Date of Appointment :

27.09.1999

DIN No.:

00218025

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909WB1978PLC031558	Sureka Exports Limited	Director	02-11-92	02-11-92	-	Active	NO
2	U27101WB1941PLC010497	Concast Ispat Limited	Managing director	01-04-09	27-09-99	-	Active	NO
3	U70109WB2002PTC094216	Concast Infrastracture Private Limited	Director	16-04-10	11-02-02	-	Active	NO
4	U27109WB1995PLC071063	Concast Bengal Industries Limited	Director	30-09-11	12-02-02	-	Active	NO
5	U15499WB2002PLC094218	Organic Green Foods Limited	Director	12-02-02	12-02-02	30-04-09	Active	NO
6	U27109WB1995PLC067953	Dankuni Steels Limited	Director	10-04-04	10-04-04	-	Active	NO
7	U27109WB2004PLC099978	Concast Energy Limited	Director	28-09-04	28-09-04	04-05-09	Active	NO
8	U14108WB2005PTC104298	Bankura Dri Mining Manufacturers Company Private Limited	Director	27-07-05	27-07-05	-	Active	NO
9	U36900WB2006PTC108596	Concast Beverages Private Limited	Director	17-03-06	17-03-06	-	Active	NO
10	U27106WB1996PLC076334	Concast Global Limited	Director	30-09-11	13-05-06	-	Active	NO
11	U51909WB2006PLC111597	Concast Vyapaar Limited	Director	25-10-06	25-10-06	-	Active	NO
12	U27310WB2007PLC118140	Concast Sheets and Tubes Limited	Director	28-08-07	28-08-07	04-05-09	Active	NO
13	U51109WB1990PTC048957	Jai Bhola Trading Company Private Limited	Director	14-01-08	14-01-08	27-04-09	Active	NO
14	U51909WB1995PLC072045	Concast Steel and Power Limited	Managing director	15-07-09	03-07-08	-	Active	NO
15	U27100WB2008PTC129844	Concast Engineering Private Limited	Director	03-10-08	03-10-08	-	Active	NO
16	U51101WB2009PLC132009	Concast Exim Limited	Director	15-01-09	15-01-09	-	Active	NO
17	U85110WB2009PTC139889	Indo-US Healthcare Private Limited	Director	03-12-09	03-12-09	-	Active	NO
18	U40105AR2008PLC008256	Satyam (North East) Thermal Power Limited	Director	07-01-10	07-01-10	-	Active	NO
19	U10102AR2008PLC008257	Satyam Mining and Minerals Limited	Director	07-01-10	07-01-10	-	Active	NO
20	U11101AR2010PLC008294	Satyam (North East) Energy Limited	Director	05-03-10	05-03-10	-	Active	NO
21	U51101WB2010PTC151974	Rootstar Tradeli NK Private Limited	Director	10-09-10	10-09-10	-	Active	NO
22	U45400WB2010PLC153282	Concast Infratech Limited	Director	22-09-10	22-09-10	-	Active	NO
23	U67190WB2011PTC158382	Concast Leasing and Finance Private Limited	Director	02-02-11	02-02-11	-	Active	NO
24	U26922WB2006PTC109915	Swati Udyog Private Limited	Director	21-06-11	15-03-11	-	Active	NO
25	U41000WB2011PTC160977	Concast Indo Russ Water Private Limited	Director	21-03-11	21-03-11	-	Active	NO
26	U64202WB1995PLC075980	I-Win Advisory Services Limited	Director	29-09-11	02-05-11	-	Active	NO
27	U51909WB2007PTC118553	Sodepur Commercial Private Limited	Director	30-09-11	01-06-11	-	Active	NO
28	U45400WB2011PTC170236	Concast Damoh Road Project Private Limited	Director	02-12-11	02-12-11	-	Active	NO
29	U45203WB2011PTC170728	Concast Dhaneta Road Projects Private Limited	Director	15-12-11	15-12-11	-	Active	NO
30	U45400WB2011PTC171198	Concast Ambha Road Projects Private Limited	Director	26-12-11	26-12-11	-	Active	NO
31	U45203WB2011PTC171173	Concast Patan Road Projects Private Limited	Director	26-12-11	26-12-11	-	Active	NO
32	U45400WB2011PTC171170	Concast Jawasa Road Projects Private Limited	Director	26-12-11	26-12-11	-	Active	NO
33	U45400WB2012PTC171877	Lifewood Promoters Private Limited	Director	10-01-12	10-01-12	-	Active	NO
34	U45400WB2012PTC171876	Hardsoft Promoters Private Limited	Director	10-01-12	10-01-12	-	Active	NO
35	U45400WB2012PTC172398	Concast Path Bameetha Satna Road Projects Private Limited	Director	17-01-12	17-01-12	-	Active	NO
36	U45400WB2012PTC171878	Startree Residency Private Limited	Director	16-02-12	16-02-12	-	Active	NO

Name :

Mr. Thiruvengadu Ramasami Narayan

Designation :

Director

Address :

26D Naskarpara Road, Thakurpukur, Kolkata – 700 041, West Bengal, India

Date of Birth/Age :

09.10.1934

Date of Appointment :

28.02.1997

DIN No.:

00248802

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27101WB1941PLC010497	Concast Ispat Limited	Director	28-02-97	28-02-97	Active	NO
2	U51909WB2007PTC118553	Sodepur Commercial Private Limited	Director	12-09-07	12-09-07	Active	NO
3	U27109WB1995PLC071063	Concast Bengal Industries Limited	Additional director	25-11-11	25-11-11	Active	NO
4	U27310WB2007PLC118140	Concast Sheets and Tubes Limited	Additional director	27-12-11	27-12-11	Active	NO

Name :

Mr. Ratan Lal Kedia

Designation :

Director

Address :

4/5, Singhi Bagan Lane, Jorasanko, Kolkata – 700 006, West Bengal, India

Date of Birth/Age :

22.08.1933

Date of Appointment :

09.01.2006

DIN No.:

01369705

KEY EXECUTIVES

Name :	Ms. Payal Saraf
Designation :	Secretary
Address :	5, Burtolla Street, 3^rd Floor, Kolkata – 700 007, West Bengal, India
Date of Birth/Age :	21.04.1986
Date of Appointment :	16.06.2011
PAN No.:	BCUPS1671L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Sanjay Commotrade LLP, India	10134350
Kumbh Commercials Private Limited, India	60000
Farrini Tradelink Private Limited, India	80000
Dadi Contractors Private Limited, India	20000
Alokananda Vinimay Private Limited, India	60000
Ajnabi Goods Private Limited, India	60000
Concast Infrastructure Private Limited, India	3690000
Concast Distilleries Private Limited, India	1480000
Samrat Alloys Suppliers Private Limited, India	50000
Chetan Kumar Jain	400750
Sodepur Commercial Private Limited, India	5221000
Concast Energy Limited, India	3391000
Sapna Sureka	700000
Nomos Sanitary Wares Limited, India	100000
Ssg Works Limited, India	224000
Pioneer Equipments Limited, India	330000
Tracon Wheel and Axle Projects Limited, India	324000
Hitech Fastners Private Limited, India	268000
Bpa Garwal	280000
Heman Leasing and Finance Private Limited, India	150000
Sanjay Kumar Sureka	1347125
Dankuni Steels Limited, India	55239
Bimla Devi Sureka	912050

As on 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	86.83
Directors or relatives of directors	10.05
Others	3.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel (M.S.) Materials.

Products :

Product Description	Item Code
Iron and Steel Goods	732599.09

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
M.S. Ribbed Bars	M.T.	150000.000	150000.000	134323.180

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of India, Industrial Finance Branch, 11, Dr. U.N. Brahaamachari Street, Kolkata – 700 017, West Bengal India

v Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D., Nariman Point, Mumbai – 400 021, Maharashtra, India

v UCO Bank, Industrial Finance Branch, 3 NS Road Branch, Kolkata - 700 001, West Bengal India

v UCO Bank, Flagship Corporate Branch, 2, India Exchange Place, Kolkata – 700 001, West Bengal, India

v Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata – 700 001, West Bengal, India

v Bank of Baroda, M.G. Road, 172, M.G. Road, Kolkata – 700 007, West Bengal, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From State Bank of India in Term Loan against hypothecation of Fixed Assets	14.382	28.993
From Scheduled Banks in Cash Credit Account secured against hypothecation of raw materials, finished goods, plant and machineries, book debts and movable properties.	1665.889	1332.650
Total	1680.271	1361.643

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Corporate Bodies and Financial Institutions	616.796	560.578
Total	616.796	560.578

Banking Relations :	--
Auditors :
Name :	D.N. Gupta and Associates Chartered Accountants
Address :	10, Ganesh Chandra Avenue, 5^th Floor, Suit No.32, Kolkata – 700 013, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ADLPG2924M
Associates :	v Concast Global Limited v Concast Bengal Industries Limited v Dankuni Sheets Limited v Sureka Export Limited v SPS Steel and Power Limited

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29752000	Equity Shares	Rs.10/- each	Rs.297.520 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares (Equity Shares of Rs.10/- each issued to vendors as fully paid up for consideration other than cash)	Rs.10/- each	Rs.0.150 Million
29380000	Equity Shares	Rs.10/- each	Rs.293.800 Millions
	Total		Rs.293.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		293.950	150.000	136.510
2] Share Application Money		13.850	680.000	0.000
3] Reserves & Surplus		1153.993	516.843	421.161
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1461.793	1346.843	557.671
LOAN FUNDS
1] Secured Loans		1680.271	1361.643	744.470
2] Unsecured Loans		616.796	560.578	590.171
TOTAL BORROWING		2297.067	1922.221	1334.641
DEFERRED TAX LIABILITIES		3.887	5.090	5.741
TOTAL		3762.747	3274.154	1898.053
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.906	204.297	167.220
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1076.837	1051.860	1.860
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1300.018	1283.613	785.700
	Sundry Debtors	1748.863	1205.225	954.835
	Cash & Bank Balances	44.177	29.148	36.098
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	95.627	104.558	110.296
Total Current Assets		3188.685	2622.544	1886.929
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	580.894	573.748	113.797
	Other Current Liabilities	107.915	16.267	18.210
	Provisions	17.872	14.532	25.949
Total Current Liabilities		706.681	604.547	157.956
Net Current Assets		2482.004	2017.997	1728.973
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3762.747	3274.154	1898.053

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	8045.440	6539.492	4157.800
		Other Income	14.811	5.843	1.429
		TOTAL (A)	8060.251	6545.335	4159.229
Less	EXPENSES
		Cost of Goods Sold	7292.140	5869.632	3582.396
		Stores and Spare Parts Consumed	195.579	202.552	202.214
		Manufacturing Expenses	155.770	116.972	110.071
		Administrative Expenses	86.479	66.550	54.669
		TOTAL (B)	7729.968	6255.706	3949.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		330.283	289.629	209.879
Less	INTEREST (D)		223.677	201.647	117.449
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.606	87.982	92.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.514	21.719	24.137
	PROFIT BEFORE TAX (E-F) (G)		79.092	66.263	68.293
Less	TAX (H)		18.946	24.947	18.193
	PROFIT AFTER TAX (G-H) (I)		60.146	41.316	50.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		207.878	175.911	133.778
Less	Deferred Tax (Net)		(1.204)	(0.651)	(2.033)
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		219.228	207.878	175.911
	Earnings Per Share (Rs.)		2.05	2.75	3.67

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.75	0.63	1.20
Net Profit Margin (PBT/Sales)	(%)	9.36	1.01	1.64
Return on Total Assets (PBT/Total Assets}	(%)	2.33	2.34	3.32
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.12
Debt Equity Ratio (Total Liability/Networth)		2.05	1.87	2.68
Current Ratio (Current Asset/Current Liability)		4.51	4.34	11.94

LOCAL AGENCY FURTHER INFORMATION

ISSUE OF SHARES:

To meet the requirement of funds for increase in the activities, the Company during the year has issued and allotted 14395000 Equity Shares of Rs.10/- each for cash at a premium of Rs.40/- per share in the Share Capital of the Company.

NOTE:

The registered office of the company has been shifted from 8, Bentick Street, Kolkata – 700 001, West Bengal to the present address w.e.f. 16.06.2011.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U27101WB1941PLC010497
Name of the company	CONCAST ISPAT LIMITED
Address of the registered office or of the principal place of business in India of the company	8, Bentick Street, Kolkata – 700 001, West Bengal, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Others
Particular of charge holder	UCO Bank, MID Corporation Branch, 2 India Exchange Place, Kolkata-700001, West Bengal, India.
Email	bo.mcciep@ucobank.co.in
Nature of description of the instrument creating or modifying the charge	(1) Agreement relating to short term loan. (2) Deed of hypothecation of goods. (3) Deed of hypothecation of book debts. (4) Deed of hypothecation of movable plant and machinery.
Date of instrument Creating the charge	30.03.2010
Amount secured by the charge	Rs.500.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 9.50% p.a. (fixed) with monthly rests. Terms of Repayment Bullet payment at end of 6th month. Extent and Operation of the charge Subservient charge on entire current assets including stocks and book debts and movable plant and machinery of the borrower.
Short particulars of the property charged	I) Hypothecation of entire stocks of raw materials, work in progress, finished goods etc. Stored or to be stored at the borrower's factory premises and godowns situated at 2, Ishwar Chandra Chatterjee Lane II) Sodepur, 24 Parganas (N), West Bengal or wherever else and all present and future book debts, receivables, claims etc. of the borrower by way of subservient charge. III) Hypothecation of entire plant and machinery, equipments installed or to be installed at the borrower's factory premises situated at 2, Ishwar Chandra Chatterjee Lane, Sodepur, 24 Parganas (N), West Bengal.

FIXED ASSETS:

v Land

v Shed and Building

v Machineries

v Electric Machineries and Fittings

v Tubewell and Pump

v Oil and Septick Tank

v Tools and Equipments

v Furniture

v Office Equipment

v Motor Car and Scooters

v Computer

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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.