MIRA INFORM REPORT

Report Date :

23.07.2013

IDENTIFICATION DETAILS

Name :	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Nandida Char Rasta, Gopal Nagar, GIDC, Bardoli, Surat-395001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.01.2000
Com. Reg. No.:	04-037188
Capital Investment / Paid-up Capital :	Rs. 32.445 Millions
CIN No.: [Company Identification No.]	U45205GJ2000PTC037188
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Commercial Water Purification Plant.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1087000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB-
Rating Explanation	Having moderate risk of default regarding timely saervicing of financial obligation.
Date	April 2013

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. Kamlesh Patel
Designation :	Marketing Manager
Contact No.:	91-9974088718
Date :	22.07.2013

LOCATIONS

Registered Office / Factory :	Nandida Char Rasta, Gopal Nagar, GIDC, Bardoli, Surat-395001, Gujarat, India
Tel. No.:	91-261-2236426/ 2354020/ 3053079/ /91/ 3056779/ 2330079
Mobile No.:	91-9974088718 (Mr. Kamlesh Patel, Marketing Manager)
Fax No.:	91-261-2234907
E-Mail :	lohiya_kailash@yahoo.com sbmgandco@gmail.com info@hi-techwater.com kamlesh@hitechro.net
Website :	http://www.hitechro.net
Area :	20000 Sq.ft
Location :	Owned
Marketing Office Address :	229-30, Turning Point Complex, Ghod Dod Road, Surat, Gujarat, India
Branch Office :	Located at : · Delhi · Chennai · Bangalore · Mumbai · Hyderabad · Ludhiayana · Vishakhapatnam · Lucknow · Kolkata · Ahmedabad · Anand · Vadodara · Bharuch · Kamrej · Nadiad · Navsari · Valsad · Vapi · Dhule · Nashik · Nandurbar · Nagpur · Chattisgarh · Indore · Bhilwada · Jaipur · Kerala

DIRECTORS

As on : 29.09.2012

Name :

Mr. Vijay Shobhalal Shah

Designation :

Director

Address :

1, Rajendra Nagar, Ten Road, Taluka Bardoli, District Surat, Gujarat, India

Date of Birth/Age :

25.03.1969

Qualification :

B Com

Date of Appointment :

18.01.2000

DIN No.:

01061823

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	U45205GJ2000PTC037188	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED	Director	18-01-00	18-01-00	-	Active	NO
2	U51909GJ1995PTC027743	VISHAL AUTO-TECH PRIVATE LIMITED	Managing director	09-05-07	09-05-07	-	Active	NO
3	U63022GJ2008PTC053097	HITECH FROZEN FACILITIES PRIVATE LIMITED	Director	29-02-08	29-02-08	-	Active	NO
4	U45201GJ1995PTC024717	VIVAR PROJECTS PRIVATE LIMITED	Director	17-06-08	17-06-08	-	Active	NO
5	U45200GJ2005PTC046799	AAVKASH REALTY PRIVATE LIMITED	Director	26-09-08	26-09-08	-	Active	NO
6	U45200GJ2005PTC046800	BHOLE REALTY PRIVATE LIMITED	Director	26-09-08	26-09-08	-	Active	NO
7	U45200GJ2006PTC047777	MANALI INFRASTRUCTURE PRIVATE LIMITED	Additional director	26-06-09	26-06-09	-	Active	NO
8	U17290GJ2005PTC046904	MANALI SYNTHETICS PRIVATE LIMITED	Director	01-09-09	21-08-09	-	Active	NO
9	U17291GJ2008PTC055662	FABULOUSS NARROW TEX PRIVATE LIMITED	Director	26-08-09	26-08-09	-	Active	NO
10	U45201GJ2010PTC059706	HITECH DEV-CON PRIVATE LIMITED	Director	25-02-10	25-02-10	-	Active	NO
11	U29100GJ2010PTC062249	HI-ENVIROS TECHNOLOGIES PRIVATE LIMITED	Director	08-09-10	08-09-10	-	Active	NO
12	U29255GJ2013PTC075089	HI-TECH WATER SOLUTIONS PRIVATE LIMITED	Director	15-05-13	15-05-13	-	Active	NO
13	U29255GJ2013PTC075075	HI-TECH INNOVATIVE WATER PROJECTS PRIVATE LIMITED	Director	15-05-13	15-05-13	-	Active	NO
14	U29255GJ2013PTC075289	HI-TECH INNOVATIVE WATER-TECH PRIVATE LIMITED	Director	27-05-13	27-05-13	-	Active	NO

Name :

Mr. Satish Dhanraj Agarwal

Designation :

Director

Address :

9/10, Gotri Road Co-operative Housing Society, Vadodara- 390001, Gujarat, India

Date of Birth/Age :

09.01.1959

Date of Appointment :

17.03.2005

DIN No.:

02084916

Other Directorship:

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Vijay Sobhalal Shah	1653500
Kavita Vijay Shah	130000
Jayesh Sobhalal Shah	108600
Sadhna Jayesh Jain	470450
Millionaire Developers Private Limited	162000
Sagar Dyeing and Printing Mills Private Limited	20000
Satish Dhanraj Agarwal	5000
Aashish Satish Agarwal	62000
Dinesh Dhanraj Garg	10000
Amit Agarwal	20000
Ashok Garg	22500
Aayush Marriage Trust	30000
Akash & Ritika Benefit Trust	20000
Akshay & Pooja Benefit Trust	25000
Akshay Marriage Trust	22500
Ankit Marriage Trust	70000
Ashok Kumar Garg – HUF	45500
Nikhil Marriage Trust	21000
Pallavi Marriage Trust	35500
Prem Prakash – HUF	30000
Princy Marriage Trust	20000
Utsav and Princy Benefit Trust	30000
Utsav Marriage Trust	5000
Pooja Garg	1000
Narendra Dhanraj Garg	224900
Total	3244450

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	5.61
Directors or relatives of Directors	83.46
Other top fifty shareholders	10.93
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Commercial Water Purification Plant
Exports :
Products :	Commercial Water Purification Plant
Countries :	· USA · Kenya · Dubai · Nepal · Taiwan · Bangladesh
Imports :
Products :	Raw Material
Countries :	· Dubai · USA · Taiwan · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

2000 (Approximately)

Bankers :

· Bank of Baroda, Athwalines Branch, J.N Road, Athwalines, Surat – 395007, Gujarat, India

· Bank of Baroda, Bhatar Road Branch, Surat – 395007, Gujarat, India

· HDFC Bank Limited, Surat Branch, Gujarat, India

Facilities :

Rs in Millions

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Long term Borrowings :
Term Loans from Banks	67.940	81.430
Working capital loans from Banks	243.172	224.673
Other Loans and Advances from Others	151.735	179.393
Total	462.847	485.496

Auditors :
Name :	S. Jain and Associates Chartered Accountant
Address :	G-1, Dhiraj Park Apartment, Desai Falia, Udhnagam, Surat -394210, Gujarat, India
PAN No.:	AADFS8446F
Associates :	· Agarwal Road Lines · Pacific RO Systern · Globex India · Hi-Tech Frozen Facilities Private Limited · Hi – Tech Dev Con Private Limited · Hi-Tech Residency · Manali Infrastructure Private Limited

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3244450	Equity Shares	Rs.10/- each	Rs. 32.445 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	32.445	32.445
(b) Reserves & Surplus	239.357	181.612
(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)	271.802	214.057
(3) Non-Current Liabilities
(a) long-term borrowings	536.656	542.832
(b) Deferred tax liabilities (Net)	17.440	13.990
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	554.096	556.822
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	56.523	46.560
(c) Other current liabilities	24.451	14.904
(d) Short-term provisions	12.944	6.102
Total Current Liabilities (4)	93.918	67.566
TOTAL	919.816	838.445
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	197.679	175.905
(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	19.366	0.940
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	68.974	41.395
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	286.019	218.240
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	93.375	89.706
(c) Trade receivables	483.613	487.340
(d) Cash and cash equivalents	56.772	43.106
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.037	0.053
Total Current Assets	633.797	620.205
TOTAL	919.816	838.445

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.105
2] Share Application Money		38.400
3] Reserves & Surplus		77.025
4] (Accumulated Losses)		0.000
NETWORTH		138.530
0LOAN FUNDS
1] Secured Loans		220.525
2] Unsecured Loans		9.025
TOTAL BORROWING		229.550
DEFERRED TAX LIABILITIES		7.698
TOTAL		375.778
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.818
Capital work-in-progress		0.000
INVESTMENT		2.740
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.018
	Sundry Debtors	131.074
	Cash & Bank Balances	18.860
	Other Current Assets	0.000
	Loans & Advances	74.933
Total Current Assets		295.885
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.674
	Other Current Liabilities	8.348
	Provisions	5.713
Total Current Liabilities		38.735
Net Current Assets		257.150
MISCELLANEOUS EXPENSES		0.070
TOTAL		375.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales	1629.540	1068.535	834.880
		Service Income	6.549	3.846	3.779
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		89.546	45.492	35.268
	DEPRECIATION/ AMORTISATION		11.247	9.337	3.500
	PROFIT BEFORE TAX		78.299	36.155	31.768
	TAX		16.337	11.573	9.799
	PROFIT AFTER TAX		61.962	24.582	21.969
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.425	27.898	9.001
	APPROPRIATIONS
		Dividend	4.218	4.056	2.733
	BALANCE CARRIED TO THE B/S		104.170	47.425	27.898
	EARNINGS IN FOREIGN CURRENCY		3.427	3.204	NA
	Earnings Per Share (Rs.)		19.10	7.58	9.51

Particulars	31.03.2013
Sales Turnover (Approximately)	3000.000

Expected Sales ( 2013-2014) : Rs. 3300.000 Millions

The above information has been parted by Mr. Kamlesh Patel (Marketing Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	4.80	3.38	3.81
Return on Total Assets (PBT/Total Assets}	(%)	11.14	5.46	10.74
Return on Investment (ROI) (PBT/Networth)		0.29	0.17	0.23
Debt Equity Ratio (Total Debt /Networth)		1.97	16.73	1.66
Current Ratio (Current Asset/Current Liability)		7.48	9.79	1.15

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	Yes
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

OPERATIONS :

During the year, company recorded sales and service income of Rs. 1636.089 Millions as compared to Rs. 1072.381 Millions of previous year registering growth of 152.57%. It includes service income of Rs. 6.549 Millions as compared to Rs. 3.846 Millions of previous year. Operating profits has increased to Rs. 47.229 Millions registering growth of more than 203.31% over last year. Profits before taxation have also increased by 216.56% over last year amounting to Rs. 42.144 Millions Overall operations of the company were satisfactory and up to the mark.

FUTURE PLANS AND PERCEPTION :

They are adding year by year customers list in millions and mall OEM partners. So that huge market growing for annual maintenance contract and replacement of RO parts in all over India. New Segment they are going to start RO commercial membrane sale in pollution control zone like textiles, chemical and paper industries as a huge potential in replacement RO equipments. They are getting good inquires from end users and as well from oem market.

Company is planning to expand its business by opening of new offices and outlet stores at various cities. As per the industry sources, RO industry is doing well and expect to have good exposure in coming days as government is taking initiations for improving potable water quality. Company is planning to promote our manufactured RO plants and Membranes in global market and explore our product to worldwide.

Company had made it presence in all business segments like industrial business houses, Government and local organizations, religious and service organization etc. Considering industrial growth as a whole along with company's presence in different segments, directors expects to have good business in the year to come.

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Intercorporate deposits	55.909	22.881
Loans and Advances from others	6.620	11.270
Loans and Advances from Directors	11.280	23.185
Total	73.809	57.336

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U45205GJ2000PTC037188
Name of the company	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Nandida Char Rastagopalnagar GIDC Bardoli, Surat, Gujarat, India Email: sbmgandco@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10043335
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others (Stock)
Particular of charge holder	Bank of Baroda, Athwalines Branch, J.N Road, Athwalines, Surat - 395007, Gujarat, India Email: athwal@bankofbaroda.com
Nature of instrument creating charge	Supplemental composite agreement of hypothecation of goods, book-debts, moveable machinery and vehicles. Instrument of extention relating to deposit of title deeds.
Date of instrument Creating the charge	02.03.2012
Amount secured by the charge	Rs. 671.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 3.50% Over Base Rate. Margin 25% on the stocks, 30% on book debts, cash margin of 20% in respect of bank guarantee facility.
Short particulars of the property charged (Including location of the property)	Mortgage by deposit of title deeds of all the property as stated in the second schedule of instrument of extension relating to deposit of title deeds. Hypothecation of book debts and stock for cash credit limits
Date of last modification prior to the present modification	04.12.2010
Particulars of the present modification	The existing capital facilities are enhanced to Rs.671.400 Millions

FIXED ASSETS

· Land

· Computer

· Motor Cycle

· Office Building

· Factory Building

· Furniture

· Office Equipments

· Plant and Machinery

· Car

· Generators

· Delivery Van

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. 59.41
UK Pound	1	Rs. 90.74
Euro	1	Rs. 78.11

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.