MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	POLYCHROIC PETROCHEMICALS PRIVATE LIMITED
Registered Office :	118, Satyam Estate, 35/A, Erandwana Off Karwe Road, Pune – 411038, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.11.2006
Com. Reg. No.:	11-129242
Capital Investment / Paid-up Capital :	Rs. 2.300 Millions
CIN No.: [Company Identification No.]	U25209PN2006PTC129242
TAN No.: [Tax Deduction & Collection Account No.]	PNEP11870F
PAN No.: [Permanent Account No.]	AAECP0861B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bulk Bags, Jumbo Bags and Big Bags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 307000
Status :	Moderate
Payment Behaviour :	Sloe but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. The external borrowing appears 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Term Loan : (CRISIL) B
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	May 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Liaison Office :	118, Satyam Estate, 35/A, Erandwana Off Karwe Road, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25444155/ 32906744/ 25466482
Fax No.:	91-20-25466482
E-Mail :	aditpoly@vsnl.com shashank@polychroic.com
Website :	http://www.bulkbags-india.com
Location:	Owned
Head Office :	125/6, Kalpataru, Dixit Road Extn., Vile Parle (East), Mumbai - 400057. Maharashtra, India
Tel. No.:	91-22-26142333/ 26147912
Fax No.:	91-22-26113474
Factory :	Plot No. 96 to 108, Gat No. 213, 214/1, 220 - 223, 235, 236, Markal Udyog Nagar, Village Markal Alandi Markal Road, Taluka Rajgurunagar, District Pune – 412105, Maharashtra, India
Tel. No.:	91-20-25444155
Fax No.:	91-20-25466482
E-Mail :	anirudha@polychroic.com polychroicpetrochemicals@gmail.com
Marketing Representatives in North America :	Poly Packaging Products Corp Lincoln Bode
Tel. No.:	1 630 940 9933
E-Mail :	lincoln@polypackagingproducts.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Anirudha Balkrishna Joshi

Designation :

Director

Address :

Kshitij Mahant Road Extn, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

28.03.1969

Date of Appointment :

20.11.2006

DIN No.:

00187407

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	L22219MH1991PLC059800	CONTROL PRINT LIMITED	Director	15/02/1991	15/02/1991	30/06/2007	Active	NO
2	U25209MH1998PTC114277	KUNAL POLYMERS PRIVATE LIMITED	Director	31/03/1998	31/03/1998	-	Active	NO
3	U72200PN1999PTC013805	ROHAN DISTRIBUTORS PRIVATE LIMITED	Director	09/07/1999	09/07/1999	-	Active	NO
4	U25207PN2004PTC018888	ADITYA POLYMERS AND CHEMICALS (INDIA) PRIVATE LIMITED	Whole-time director	01/02/2011	10/02/2004	-	Active	NO
5	U25209PN2006PTC129242	POLYCHROIC PETROCHEMICALS PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
6	U45400MH2007PTC168073	BDJ DEVELOPERS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO

Name :

Mrs. Pallavi Aniruddha Joshi

Designation :

Director

Address :

Kshitij Mahant Road Extn, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

12.12.1971

Date of Appointment :

20.11.2006

DIN No.:

00265481

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	Company/ LLP Status	Defaulting status
1	U72200PN1999PTC013805	ROHAN DISTRIBUTORS PRIVATE LIMITED	Director	09/07/1999	09/07/1999	Active	NO
2	U25209PN2006PTC129242	POLYCHROIC PETROCHEMICALS PRIVATE LIMITED	Director	20/11/2006	20/11/2006	Active	NO
3	U45400MH2007PTC168073	BDJ DEVELOPERS PRIVATE LIMITED	Director	23/02/2007	23/02/2007	Active	NO

Name :

Rajanee Balkrishna Joshi

Designation :

Director

Address :

Kshitij Mahant Road Extn, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

11.09.1947

Date of Appointment :

20.11.2006

DIN No.:

00433366

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	Company/ LLP Status	Defaulting status
1	U25209MH1998PTC114277	KUNAL POLYMERS PRIVATE LIMITED	Director	31/03/1998	31/03/1998	Active	NO
2	U25207PN2004PTC018888	ADITYA POLYMERS AND CHEMICALS (INDIA) PRIVATE LIMITED	Director	10/02/2004	10/02/2004	Active	NO
3	U25209PN2006PTC129242	POLYCHROIC PETROCHEMICALS PRIVATE LIMITED	Director	20/11/2006	20/11/2006	Active	NO
4	U45400MH2007PTC168073	BDJ DEVELOPERS PRIVATE LIMITED	Director	23/02/2007	23/02/2007	Active	NO

Name :

Mr. Prasad Arun Hiralkar

Designation :

Additional director

Address :

RA 29 Manas Sarovar No. 1 Cooperative Society, S. No 21/1 Garmal Dhayari, Pune – 411041, Maharashtra, India

Date of Birth/Age :

30.04.1976

Date of Appointment :

12.11.2009

DIN No.:

01944431

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	Company/ LLP Status	Defaulting status
1	U51909PN2008PTC131282	ANUPAMA MARKETING SERVICES PRIVATE LIMITED	Director	16/01/2008	16/01/2008	Active	NO
2	U25209PN2006PTC129242	POLYCHROIC PETROCHEMICALS PRIVATE LIMITED	Additional director	12/11/2009	12/11/2009	Active	NO
3	U25200PN2011PTC138369	TEJASWI PLASTIC PRIVATE LIMITED	Director	24/01/2011	24/01/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Anirudha B. Joshi	180000
Pallavi A. Joshi	25000
Rajani B. Joshi	25000
Total	230000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bulk Bags, Jumbo Bags and Big Bags.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

¯ Bank of Maharashtra, Corporate Finance Branch, "Yashomangal", 1183/A, F. C. Road, Pune - 411005, Maharashtra, India

¯ Axis Bank

¯ Saraswat Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Axis Bank Term Loan 27458	11.933	0.000
Axis Bank Term Loan 32777	8.189	0.000
Axis Bank Term Loan 34032	20.613	0.000
Axis Bank Term Loan 35365	14.134	0.000
Axis Bank Term Loan 36630	37.424	0.000
Bank of Maharashtra Term Loan	0.000	51.602
Saraswat Bank Term Loan Machinery 50009	0.000	15.315
Saraswat Bank Term Loan 2103	0.000	9.800
Saraswat Bank Term Loan 2104	0.000	24.375
SHORT-TERM BORROWINGS
Axis Bank CC	43.868	0.000
Bank of Maharashtra CC	4.561	5.336
Packing Credit [Axis Bank]	95.573	0.000
Bank of Maharashtra [Packing Credit]	5.471	21.199
PCFC	28.040	0.000
Bank of Maharashtra LC	4.596	16.738
Axis Bank LC	34.979	0.000
Bank of Maharashtra FOBN	25.313	27.304
Total	334.694	171.669

Banking Relations :	--
Auditors :
Name :	V. D. Lagu and Company Chartered Accountants
Address :	3, Vaikhari Co-operative Housing Society, Hanuman Road, Vile-Parle (East), Mumbai – 400057, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPL1300J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
230,000	Equity Shares	Rs. 10/- each	Rs. 2.300 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	2.300	1.000
(b) Reserves & Surplus	74.329	31.799
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	92.293	101.092
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	131.227	103.266
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	242.401	70.577
(b) Trade payables	51.847	87.959
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	2.063	2.549
TOTAL	596.460	398.242
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	196.446	182.119
(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	1.025	1.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	3.055	0.523
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	90.967	85.599
(c) Trade receivables	71.924	92.941
(d) Cash and cash equivalents	0.982	1.927
(e) Short-term loans and advances	112.220	7.557
(f) Other current assets	119.841	26.551
TOTAL	596.460	398.242

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		42.114
4] (Accumulated Losses)		(55.346)
NETWORTH		(12.232)
LOAN FUNDS
1] Secured Loans		162.295
2] Unsecured Loans		90.900
TOTAL BORROWING		253.195
DEFERRED TAX LIABILITIES		0.000
TOTAL		240.963
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		163.111
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.678
	Sundry Debtors	79.190
	Cash & Bank Balances	3.008
	Other Current Assets	9.230
	Loans & Advances	2.497
Total Current Assets		131.603
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.027
	Other Current Liabilities	10.007
	Provisions	0.722
Total Current Liabilities		54.756
Net Current Assets		76.847
MISCELLANEOUS EXPENSES		0.980
TOTAL		240.963

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	648.432	623.181	318.246
		Other Income	1.618	0.532	NA
		TOTAL (A)	650.050	623.713	NA
Less	EXPENSES
		Cost of materials consumed	448.010	324.154
		Purchase of stock-in-trade	7.585	91.126
		Changes in inventories of finished goods, work in progress and stock-in-trade	(3.184)	(6.420)
		Employee benefit expenses	13.983	11.682
		Other expenses	120.019	96.948
		TOTAL (B)	586.413	517.490	NA
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		63.637	106.223
Less	FINANCIAL EXPENSES (D)		37.878	44.330
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.759	61.893	(27.658)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.428	16.866	14.402
	PROFIT/ [LOSS] BEFORE TAX (E-F) (G)		5.331	45.027	(42.060)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ [LOSS] AFTER TAX (G-H) (I)		5.331	45.027	(42.060)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	357.348	423.164	193.496
	Earnings/ [Loss] Per Share (Rs.)		23.18	450.27	(420.60)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.82	7.23	NA
Net Profit Margin (PBT/Sales)	(%)	0.82	7.23	(13.22)
Return on Total Assets (PBT/Total Assets}	(%)	0.90	11.34	(14.27)
Return on Investment (ROI) (PBT/Networth)		0.07	1.37	3.44
Debt Equity Ratio (Total Debt/Networth)		4.37	5.23	(20.70)
Current Ratio (Current Asset/Current Liability)		1.34	1.33	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	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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209PN2006PTC129242
Name of the company	POLYCHROIC PETROCHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	118, Satyam Estate, 35/A, Erandwana Off Karwe Road, Pune – 411038, Maharashtra, India Email: aditpoly@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	10103059
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra, Corporate Finance Branch, "Yashomangal", 1183/A, F. C. Road, Pune - 411005, Maharashtra, India Email: manik.kawathekar@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Composite deed of hypothecation for all facilities.
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C.-@ B.R. + 4.50% p.a. -monthly rests- now 15.10 % p.a.; EPC- As per CO guidelines now B.R. + 1.50% for EPC upto 180 days; FOBN-As per CO guidelines now B.R. +1.50% for EPC upto 90 days. Terms of Repayment C.C.-@ B.R. + 4.50% p.a. -monthly rests- now 15.10 % p.a.; EPC- As per CO guidelines now B.R. + 1.50% for EPC upto 180 days; FOBN-As per CO guidelines now B.R. +1.50% for EPC upto 90 days. Margin C.C.- 25% EPC- 10% on inventory on receivables; FOBN- Nil; B.G.- 10% in Fixed Deposits under Bank's lien. Extent and Operation of the charge C.C.- 5.000 Millions; EPC- 37.500 Millions; FOBN- 42.500 Millions; B.G.-15.000 Millions; Total- Rs. 100.000 Millions
Short particulars of the property charged	C.C./EPC/FOBN- Pari Passu Hypothecation charge on inventory and receivables;
Date of Modification	21/12/2011
Particulars of the present modification	Total credit limits increased from Rs. 65.000 Millions to Rs. 100.000 Millions.

FIXED ASSETS:

¯ Computer

¯ Factory Building

¯ Furniture and Fixture

¯ Land

¯ Land Development

¯ Office and Factory Equipment

¯ Plant and Machinery

¯ 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 proeeding 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. 57.78
UK Pound	1	Rs. 90.61
Euro	1	Rs. 76.96

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.