MIRA INFORM REPORT

Report Date :

03.06.2013

IDENTIFICATION DETAILS

Name :	VIRAT INDUSTRIES LIMITED
Registered Office :	A-1/2, GIDC Industrial Estate, Kabilpore, Navsari - 396424, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.10.1990
Com. Reg. No.:	04-014514
Capital Investment / Paid-up Capital :	Rs. 49.200 Millions
CIN No.: [Company Identification No.]	L29199GJ1990PLC014514
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Socks.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 340000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves appears to be improving. 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 slight 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

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 / Factory :	A-1/2, GIDC Industrial Estate, Kabilpore, Navsari - 396424, Gujarat, India
Tel. No.:	91-2637-265011 / 265022 / 325805
Fax No.:	91-2637-265712
E-Mail :	factory@viratindustries.com
Website :	http://www.viratindustries.com
Corporate Head Office :	605, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla (West) Mumbai 400 011, Maharashtra, India
Tel. No.:	91-22-32944131 / 32944217
Fax No.:	91-22-23060486
E-Mail :	sales@viratindustries.com armayesh@vsnl.com

DIRECTORS

As on 31.03.2012

Name :	Mr. Naozer J. Aga
Designation :	Chairman Emeritus (w.e.f. 01-04-2012)
Name :	Mr. Arun S. Sanghi
Designation :	Chairman (w.e.f. 01-04-2012)
Date of Birth/Age :	69 years
Qualification :	B.A., L.L.B.
Date of Appointment :	26.02.2004
Name :	Mr. Adi F. Madan
Designation :	Managing Director
Date of Birth/Age :	55 Years
Qualification :	B. Com, LLB.
Date of Appointment :	01.10.1994
Name :	Mr. Ajit P. Walwaikar
Designation :	Director
Date of Birth/Age :	57 years
Qualification :	B.A. (Economics), LLM., F.C.S.
Date of Appointment :	26-02-2004
Name :	Mr. Armand N. Aga
Designation :	Director
Name :	Mr. Harish H. Shah
Designation :	Director
Name :	Mrs. Ayesha K. DadyBurjor
Designation :	Director (w.e.f. 01-04-2012)

KEY EXECUTIVES

Name :	Mr. Nirmal G. Awtaney
Designation :	President
Name :	Mr. Asinkhan S. Baholu
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	524802	10.66
Bodies Corporate	1753795	35.62
Sub Total	2278597	46.28
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2278597	46.28
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3000	0.06
Financial Institutions / Banks	200	0.00
Sub Total	3200	0.06
(2) Non-Institutions
Bodies Corporate	138817	2.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1031659	20.95
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	923805	18.76
Any Others (Specify)	547262	11.12
Clearing Members	31579	0.64
Non Resident Indians	20343	0.41
Foreign Corporate Bodies	492340	10.00
Overseas Corporate Bodies	3000	0.06
Sub Total	2641543	53.65
Total Public shareholding (B)	2644743	53.72
Total (A)+(B)	4923340	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Socks.

Products :

Product Description	ITC Code
Socks	61159990

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Bank of Baroda, Nariman Point, Mumbai – 400 021, Maharashtra, India · Bank of Baroda, Kabilpore, Navsari – 396 424, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Vadodara, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4923340	Equity Shares	Rs.10/- each	Rs.49.233 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		49.200	49.200	49.233
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.000	31.000	26.862
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.200	80.200	76.095
LOAN FUNDS
1] Secured Loans		7.100	12.400	9.926
2] Unsecured Loans		2.400	2.400	2.350
TOTAL BORROWING		9.500	14.800	12.276
DEFERRED TAX LIABILITIES		0.000	0.000	8.998
TOTAL		96.700	95.000	97.369
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.900	57.400	61.414
Capital work-in-progress		0.000	0.800	0.036
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.700	35.400	34.118
	Sundry Debtors	15.600	11.100	8.903
	Cash & Bank Balances	15.800	10.800	9.222
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.000	11.000	9.354
Total Current Assets		80.100	68.300	61.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			16.196
	Other Current Liabilities	20.300	23.400	0.399
	Provisions	12.000	8.100	9.083
Total Current Liabilities		32.300	31.500	25.678
Net Current Assets		47.800	36.800	35.919
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		96.700	95.000	97.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	163.500	141.800	124.814
		Other Income	4.900	12.600	11.553
		TOTAL (A)	168.400	154.400	136.367
Less	EXPENSES
		Stock Adjustments	1.400	4.100
		Raw Materials	80.300	72.000
		Power and Fuel Cost	10.100	10.800	106.075
		Employee Cost	18.700	17.100
		Other Manufacturer Expenses	12.700	15.500
		Miscellaneous Expenses	16.200	14.100
		TOTAL (B)	139.400	133.600	106.075
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.000	23.500	30.292
Less	FINANCIAL EXPENSES (D)		0.900	0.700	1.574
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.100	20.100	28.718
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.000	7.700	7.097
	PROFIT BEFORE TAX (E-F) (G)		20.100	12.400	21.621
Less	TAX (H)		6.200	3.800	7.018
	PROFIT AFTER TAX (G-H) (I)		13.900	8.600	14.603
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.884	26.862	16.867
Less	APPROPRIATIONS
		Transfer to General Reserve	0.348	0.000	0.000
		Dividend	5.908	3.939	3.939
		Dividend Distribution Tax	0.958	0.639	0.669
	BALANCE CARRIED TO THE B/S		37.570	30.884	26.862
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	144.685	NA	117.504
	TOTAL EARNINGS		144.685	NA	117.504
	IMPORTS
		Plant and Machinery	0.556	NA	0.000
		Stores & Spares	2.871	NA	3.825
		Others	1.425	NA	0.000
	TOTAL IMPORTS		4.852	NA	3.825
	Earnings Per Share (Rs.)		2.62	1.65	2.85

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	37.000	58.100	54.600	57.300
Total Expenditure	31.300	46.200	44.600	47.700
PBIDT (Excl OI)	5.800	11.900	10.000	9.600
Other Income	2.600	0.200	1.800	0.600
Operating Profit	8.300	12.000	11.800	10.200
Interest	0.200	0.200	0.300	0.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	8.100	11.800	11.500	9.900
Depreciation	2.100	2.100	2.200	2.100
Profit Before Tax	6.000	9.700	9.300	7.800
Tax	2.200	3.100	2.900	2.500
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	3.900	6.600	6.400	5.200
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	3.900	6.600	6.400	5.200

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.25	5.57	10.71
Net Profit Margin (PBT/Sales)	(%)	12.29	8.74	17.32
Return on Total Assets (PBT/Total Assets}	(%)	15.58	9.86	17.58
Return on Investment (ROI) (PBT/Networth)		0.23	0.15	0.28
Debt Equity Ratio (Total Debt /Networth)		0.11	0.18	0.16
Current Ratio (Current Asset/Current Liability)		2.48	2.17	2.40

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	No
18]	Major customers	No
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	No
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	No
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

COMPANY BACKGROUND

Subject is engaged in manufacture and export of socks. The company offers cotton, cotton/viscose, wool, acrylic, coolmax, marl yarn, wool/cashmere and cotton/silk, etc, as well as special yarn socks for men, women, and children. It also provides design and contract manufacturing services. The company has operations primarily in the United Kingdom, Switzerland, the United Arab Emirates, and India. Subject was incorporated in 1990 and is headquartered in Mumbai, India.

OPERATIONS:

During the year, The Company achieved 8.22% higher sales turnover compared to last year. This reflected the increasing trust and confidence reposed by the customers in the Company`s products, quality, good communication and timely deliveries. The average sales realization per pair during the year increased to Rs. 32.81 against Rs.29.14 in previous year - a rise of 13%.

The net profit after tax of the Company posted commendable performance during the year, registering 60.3% increase against last year. The factors contributing to improved profitability were -favorable exchange rates caused by steep weakening of Rs. (Rupee) against U.S. Dollar (USD) and Great Britain Pound (GBP) particularly in the last six months of the year; better product mix and price rise implemented in the year.

In line with the long term strategy of the Company to make judicious investment in purchasing knitting machines, thereby making optimum use of balancing equipment and infrastructural facilities, six new knitting machines were ordered in the year 2011-12 and were received and installed in April, 2012. The addition of machines, besides enlarging the production base of the Company, helped cater to accelerated flow of export orders year after year and widen the product-mix range.

FINANCE:

The Company has been regular in payment of interest as well as installments as per the schedule to the Banks, from its internal accruals.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW:

In the year the average prices of dyed cotton yarn were about 15% lower compared to last year. But there was increase in the price of other raw materials i.e. Nylon, Woolen and Elastane Yarns. There was also escalation in the cost of employees` remuneration and other inputs. However, the advantage obtained due to favorable exchange rates better product mix and increase in sale prices, more than offset the adverse impact of cost escalation, resulting in noteworthy increase in net profit.

The Company has established itself as a quality manufacturer and exporter of dress and sport socks. The products and services of the company have carved out a strong niche for itself as a quality supplier having a strong customer base.

The Company is committed to enhancing scale, enriching product mix, improving quality and reducing cost of production.

The Company is also committed to fhcrease export sales by expanding business with existing customers and reaching out to new markets. To achieve this, the company is endeavoring to develop new and diverse styles of socks from time to time. As already mentioned, the inflow of export orders has been progressively increasing.

INDUSTRY STRUCTURE AND DEVELOPMENT

The sock manufacturing industry in India was predominantly unorganized and restricted to the small scale sector. The scenario started changing after the economic liberalization of the Indian economy in 1991. The Indian sock manufacturing industry has now successfully created its place in the international market.

The textile including hosiery and clothing industry contributes to over 12% of India`s export, with insignificant use of imported components as inputs. Thus this industry is one of the biggest net foreign exchange earners for

India.

The fundamental strength of this industry flows from its strong domestic production base of a wide range of yarns made from natural fibers like cotton and wool to synthetic man made fibers like nylon, polyester and acrylic. These raw materials are available in India in ample quantities. India is the second largest cotton and cellulosic producing country in the world and fourth largest in synthetic fibers / yarns globally.

Moreover sock knitting machines now manufactured in Korea and China are available at less than half the price compared to those manufactured in Europe (mainly Italy). These machines have similar capability, productivity level and facilities like European sock knitting machines; this has resulted in substantial reduction in the investment cost of machines leading to formation of new units and expansion of existing units.

The addition of new units and expansion of existing units at a rapid rate seems to have resulted in excess production capacity in the domestic market leading to under utilization of capacity and competition in price. Still, however, the Company enjoys a distinct market position due to the quality of its products.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012

Rs. In Millions

		3 months ended 30.06.2012
Sr. No.	Particulars	Unaudited
1	Income From Operations
	(a) Net sales/income from Operations (Net of Excise Dory)	34.724
	(b) Other Operating Income	2.299
	Total Income From Operations (net)	37.023
2	Expenses
	{a) Cost of Materials Consumed	17.979
	(b) Purchase of Stock in Trade	-
	(C) Changes in inventories of finished goods, work in progress and stock in Trade	(7.006)
	(d) Employee benefits expenses	5.446
	(e) Depreciation and amortization expenses	2.082
	(!) Subcontracting (Processing Charges)	4.069
	(g) Other expenses	10.758
	Total Expenses	33.328
3	Profit from operations before other income, finance costs (1-2)	3.695
4	Other Income	2.572
5	Profit before finance cost (314 )	6.267
6	Finance Cost	0.229
7	Profit before tax (5*6)	6.038
8	Tax Expenses	2.179
9	Net Profit after Tax (7 ± 8)	3.058
10	Paid-up equity share capital (Rs.10 each)	49233400
11	Reserve excluding Revaluation Reserves as per balance sheet at year-end	.
12	Earning per share (off 10 each) (not annualised except for year ended 31.03.2012) - Basic and Diluted	0.78
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- Number of shares	26,64,429
	- Percentage of shareholding	54.12
2	Promoters and Promoter Group Shareholding
	a) Pledged t Encumbered
	- Number of Shares	-
	- Percentage of shares (as a % of The Total shareholding of promoter and promoter group)	-
	- Percentage of shares (as a % of the total share capital of the Company	-
	b) Non- encumbered
	- Number of Shares	22.58,911
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group )	100.00
	- Percentage of shares (as a % of the total share capital of the Company)	45.86
B	INVESTOR COMPLAINTS
	Pending at The beginning of quarter	NIL
	Received during the quarter	NIL
	Disposed of during the Quarter	NIL
	Remaining unresolved al The end of the quarter	NIL

Notes:

(1) The principal business of The Company is of manufacturing socks. All other activities of The Company revolve around its main business. Hence, there is only one primary reportable business segment as defined by Accounting Standard 17 on "Segment Reporting'' notified under Companies (Accounting Standards) Rules, 2006.

(2) The figures of the quarter ended 31st March, 2012, are balancing figures between audited figures in respect of The full financial year and The published year To date figures upto the Third quarter of the relevant financial year.

(3) Previous period's/year's figures have been regrouped/ reclassified wherever necessary, to correspond with those of the current period's classification for disclosure as per The revised format set out in clause 41 which corresponds to the revised Schedule VI of the Companies Act, 1956.

(4] The results of the quarter ended 30th June, 2012 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 9th August, 2012.

FIXED ASSETS

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

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.56.64
UK Pound	1	Rs.86.69
Euro	1	Rs.73.97

INFORMATION DETAILS

Report Prepared by :

NTH

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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.