MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	SAVEX COMPUTERS LIMITED (w.e.f. 01.07.1994)
Formerly Known As :	SAVEX COMPUTERS PRIVATE LIMITED
Registered Office :	124-B, Maker Chambers III, Nariman Point, Mumbai - 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	16.02.1988
Com. Reg. No.:	11-046237
Capital Investment / Paid-up Capital :	Rs. 40.000 Millions (As on 31.03.2011)
CIN No.: [Company Identification No.]	U31909MH1988PLC046237
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37240A
PAN No.: [Permanent Account No.]	AAACS5547H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Information Technology Products and Mobile Phones.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3600000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financially, the company is performing well. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings on a usual trade terms and conditions. NOTE: Balance Sheet of the company for the year 2012 is not available, only profit and loss account is available.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term Fun Based = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January, 2013

Rating Agency Name	ICRA
Rating	Short term Fun Based = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	January, 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 DECLINED

Name :	Mr. Ajmera
Designation :	Manager
Contact No.:	91-22-22881616
Date :	28.06.2013

LOCATIONS

Registered Office / Head Office :	124-B, Maker Chambers III, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-22881616 / 1717 / 22799999
Fax No.:	91-22-22041656
E-Mail :	anil@savexcomputers.com savex@vsnl.com savex@bom3.vsnl.net.in ho@savexcomputers.com
Website :	http://www.savex.org
Branch Office :	Located at: Mumbai Bhiwandi Ahmedabad Baroda Bangalore Kolkata Chennai Coimbatore Chandigarh Cochin Ludhiana Delhi Noida Jaipur Lucknow Pune Hyderabad Surat Nashik Nagpur Indore Raipur Vijaywada Dehradun Gurgaon Trivandrum Goa Ranchi Patna Madurai Vishakhapatnam Parwanoo Mangalore Bhubaneshwar Calicut Guwahati Kanpur Varanasi Jabalpur Jammu Singapore Bhopal Pondicherry

DIRECTORS

As on 25.09.2012

Name :	Mr. Anil Ishwarlal Jagasia
Designation :	Managing director
Address :	16, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	24.08.1960
Qualification :	B.E. Electronics
Experience :	31 Years
Date of Appointment :	01.04.2011
DIN No.:	00031579
PAN No.:	ADHPJ5576A
Name :	Mrs. Anuradha Anil Jagasia
Designation :	Whole-time director
Address :	16, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	15.06.1962
Qualification :	B.A.
Date of Appointment :	01.04.2011
DIN No.:	00031603
PAN No.:	ACYPJ3749F
Name :	Mr. Jayant Harkisandas Goradia
Designation :	Whole-time director
Address :	203, Asha Niketan, Baptista Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	04.09.1960
Qualification :	B.E. Electronics
Experience :	31 Years
Date of Appointment :	23.10.2001
DIN No.:	00031623
PAN No.:	AABPG2007J
Name :	Mr. Devang Achyut Pandya
Designation :	Whole-time director
Address :	13, Vora Bhuvan, King Circle, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	05.06.1964
Qualification :	D.E. Electronics
Experience :	30 Years
Date of Appointment :	23.10.2001
DIN No.:	00576033
PAN No.:	AABPP7117J

KEY EXECUTIVES

Name :	Mr. Ajmera
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Anil Ishwarlal Jagasia	199100
Anil Ishwarlal Jagasia jointly with Anuradha Anil Jagasia	3598200
Anuradha Anil Jagasia	200
Anuradha Anil Jagasia jointly with Anil Ishwarlal Jagasia	600
Deepak L. Dudhane	200
Deepak L. Dudhane jointly with Sreedhara D. Dudhane	600
Raunak Anil Jagasia	50000
Raunak Anil Jagasia jointly with Anuradha Anil Jagasia	150000
Ravindra L. Dudhane	200
Ravindra L. Dudhane jointly with Anita R. Dudhane	600
Savitri I. Jagasia	100
Devang Achyut Pandya	100
Jayant Harkisandas Goradia	100
Total	4000000

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.96
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Information Technology Products and Mobile Phones.

Products :

ITC Code	Product Descriptions
84713010	Portables Devices (Note books)
85171210	Mobile Phones

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India
• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Working capital loans banks secured	1760.534
Interest accrued due other debt secured	14.057
Total	1774.591

Banking Relations :	--
Auditors :
Name :	N.K. Kalra and Associates Chartered Accountants
Address :	Sai Chambers, 1st Floor, Opposite Gulmarg Co-operative Housing Society, R.C. Marg, Chembur Naka, Mumbai - 400071, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPK9845K
Subsidiaries :	Savex Singapore (Pte) Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Clearpoint Electronics Private Limited [U99999MH1989PTC052939] Tech-E Savex Corporation

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		861.905	604.748
4] (Accumulated Losses)		0.000	0.000
NETWORTH		901.905	644.748
LOAN FUNDS
1] Secured Loans		1774.591	1564.315
2] Unsecured Loans		140.000	120.000
TOTAL BORROWING		1914.591	1684.315
DEFERRED TAX LIABILITIES		1.158	0.592
TOTAL		2817.654	2329.655
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.583	30.189
Capital work-in-progress		0.000	0.000
INVESTMENT		0.259	0.091
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1499.349	1044.675
	Sundry Debtors	1656.563	1421.996
	Cash & Bank Balances	74.532	37.316
	Other Current Assets	0.000	0.000
	Loans & Advances	350.488	260.071
Total Current Assets		3580.932	2764.0588
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	486.165	232.712
	Other Current Liabilities	86.296	64.993
	Provisions	240.799	167.188
Total Current Liabilities		813.260	464.893
Net Current Assets		2767.672	2299.165
MISCELLANEOUS EXPENSES		0.140	0.210
TOTAL		2817.654	2329.655

Note: Balance Sheet of the company for the year 2012 is not available, only profit and loss account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	28120.619	17758.502	11120.845
		Other Income	15.965	14.266	6.935
		TOTAL (A)	28136.584	17772.768	11127.780
Less	EXPENSES
		Purchases of stock-in-trade	27179.652	17335.952
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(518.442)	(454.674)
		Employee benefit expense	228.018	166.372
		Other expenses	263.910	181.096
		TOTAL (B)	27153.138	17228.746	22255.56
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		983.446	544.022	428.345
Less	FINANCIAL EXPENSES (D)		227.045	140.755	120.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		756.401	403.267	307.810
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.581	10.593	6.754
	PROFIT BEFORE TAX (E-F) (G)		741.820	392.674	301.056
Less	TAX (H)		244.447	132.719	105.684
	PROFIT AFTER TAX (G-H) (I)		497.373	259.955	195.372
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		740.278	503.122	330.558
Less	APPROPRIATIONS
		Transfer to General Reserve	N.A.	20.000	20.000
		Dividend		2.400	2.400
		Tax on Dividend		0.399	0.408
	BALANCE CARRIED TO THE B/S		N.A.	740.278	503.122
	EARNINGS IN FOREIGN CURRENCY
		Other Earnings	26.880	4.832	N.A.
	IMPORTS
		Raw Materials	709.373	454.359	217.305
	Earnings Per Share (Rs.)		124.34	64.99	48.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.77	1.46	1.76
Net Profit Margin (PBT/Sales)	(%)	2.64	2.21	2.71
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.82	10.77
Return on Investment (ROI) (PBT/Networth)		NA	0.44	0.47
Debt Equity Ratio (Total Debt /Networth)		NA	2.12	2.61
Current Ratio (Current Asset/Current Liability)		NA	4.40	5.95

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2011	31.03.2010
Creditors due others	486.165	232.712
Total	486.165	232.712

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

(Rs. In Millions)

Unsecured Loans	31.03.2011
Loans directors unsecured	140.000
Total	140.000

OPERATIONS

I can say that the last financial year was one of the best years from a business prospective. Their Company performed very well and the same is reflected in the results. Good demand for products, exploring new business opportunities, starting business with new vendors and better utilization of available resources has resulted in an outstanding performance of their Company.

It gives me great pleasure to share with you the highlights of their Company’s performance during the year 2010-11:

1. Gross revenue increased from Rs 11611.408 Millions in F.Y 10 to Rs 18669.986 Millions in F.Y 11, which is an increase of 60.79%

2. Their Company earned a net profit after tax of Rs 259.955 Millions in FY 11 as against Rs 195.372 Millions of FY10, which is an increase of 33.06%

During the year their Company started Mobile phone business for Kerala state and Bangalore City with Samsung India Electronics Pvt. Ltd. and also with Microsoft Licensing GP for Microsoft Software which helped in increasing the revenue. The Company also opened two new branches at Bhopal and Pondicherry. The Company is presently having 39 branches across the country which provides a national network for their vendors. Through these branches, their Company is reaching out to over 4000 customers consisting of System Integrators, Retailers, Resellers, VARs etc in over 400 cities and towns of India.

As informed you in last AGM that we have incorporated one Subsidiary Company at Singapore under the name & style of Savex Singapore Pte. Limited. They have commenced operations at Spore. Though FY 11 was not good enough, we do expect that over some period, the business will grow and this will help in the overall growth of the Company.

Their Company is a National Distributor for Hewlett Packard India Sales Private Limited, Logitech India, Samsung Electronics India Private Limited, Acer India Private Limited and Microsoft Licensing GP. The products marketed by their Company are Notebooks, Desktops, Inkjet and Laser Printers, plotters, server and storage products, Coltheir Monitors, TFT monitors, Cartridges, Toners, Keyboards, Hard Disk Drives, Optical Disk Drives, Mouse, Webcams, Microsoft Software, Accessories and other Computer peripherals.

PRESENT SCENARIO

As we step into the new fiscal, we also get ready to complete the silver jubilee of their operations. Needless to say that it has been tremendous journey. During these two and half decades their Company has performed well and is performing well during the current financial year too. The Directors of the Company have put all efforts to control costs and simultaneously increase the revenue of the Company by approaching other branded Companies for distributorship and also by opening up newer geographies.

The current environment presents a host of challenges. Inflation appears sticky and the GDP growth may be moderate in the near term. Competitive pressure will be on the rise. None of these challenges are new. Their ability to steer through these conditions and lead the market is reflected in the numbers we have delivered.

The Company has a strong portfolio of MNC brands like HP, Samsung, Acer, Logitech and Microsoft which are the best IT vendors in the market. Reaching over 400 cities across India with a staff strength of over 400 employees across the Country will continue to strengthen this advantage with their excellence in execution, a sharp focus on the needs of their customers and continuous improvement in their distribution pattern.

By March 2013, their Company proposes to have over 43 branches covering 425+ cities and catering to over 5000 customers. They expect to achieve turnover of Rs 25000.000 Millions in this financial year. This growth in revenue coupled with a sound credit policy, a scalable ERP enabled business architecture will provide a healthy increase in the Net PAT.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909MH1988PLC046237
Name of the company	SAVEX COMPUTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	124-B, Maker Chambers III, Nariman Point, Mumbai - 400021, Maharashtra, India Email: savex@vsnl.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others [Stock and other Current Assets]
Particular of charge holder	ICICI Bank Limited, ICICI Centre, 163, H.T. Parekh Marg, Backbay, Reclamation, Chruchgate, Mumbai – 400021, Maharashtra, India Email: dhiren.panchal@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation.
Date of instrument Creating the charge	18.09.2012
Amount secured by the charge	250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed with the bank from time to time. Terms of Repayment As agreed with the bank from time to time. Margin As agreed with the bank from time to time. Extent and Operation of the charge The Bank is having first pari passu charge on present and future stocks, book debts, receivable and other current assets.
Short particulars of the property charged	Charge on present and future stocks (raw materials, stock in process), semi finished and finished goods. Including Book Debts and Current Assets.

CONTINGENT LIABILITIES IN RESPECT OF FOLLOWING:

i. Counter guarantee given to bankers for guarantee given to Sales Tax and other Government Authorities Rupees 1.505 Millions

ii. Guarantee given by the bank against performances, in favour of suppliers of the Company Rupees 218.671 Millions. It includes one standby LC issued in US Dollar amounting to USD 2,50,000.00.

iii. Outstanding amount of contract remaining unexecuted on account of Capital Commitment Rupees NIL.

iv. State Bank of Bikaner and Jaipur has made Savex computers limited as a party to the suit filed against Unicorp Industries Limited, New Delhi. The company has not accepted the liability and contested in court of law. The amount involved is Rupees 1.384 Millions.

v. The custom department has raised a demand of Rs.1.598 Millions due to short duty paid on imports. The demand is disputed by the company before West Regional Bench of Custom, Excise and Service Tax Appellate Tribunal (CESTAT) and the same is pending for disposal. No provision is made in the books of accounts. In other cases with similar facts the Appellate authority has given decision in favour of the assessee.

vi. The Company has disputed liability for the demand raised during assessment by various assessing authorities under Sales Tax/VAT Act which are not acknowledged and disputed with the higher authorities. Total amount involved Rs.1.956 Millions. The Company feels that there is strong case in favour of the Company hence the liability is not provided.

FIXED ASSETS:

• Gala at Vasai and Andheri
• Improvement of Leased Property
• Computers and Software
• Electronic Equipment
• Furniture and Fixture
• 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 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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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

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.