MIRA INFORM REPORT

Report Date :

03.05.2013

IDENTIFICATION DETAILS

Name :	RELIANCE FOOTPRINT LIMITED (w.e.f. 17.12.2007)
Formerly Known As :	RELIANCE FOOTPRINT PRIVATE LIMITED (w.e.f. 15.10.2007) MAHASHRI MERCANTILE PRIVATE LIMITED
Registered Office :	3^rd Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai-400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.06.2007
Com. Reg. No.:	11-171321
Capital Investment / Paid-up Capital :	Rs. 10.500 millions
CIN No.: [Company Identification No.]	U51101MH2007PLC171321
PAN No.: [Permanent Account No.]	AAFCM0947E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Footwear.
No. of Employees :	100 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of ‘Reliance Group’. It is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. An external borrowing of the company appears to be huge. However, company gets good financial support from its group companies. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. In view of strong holdings and experience promoter’s 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Pramod Kumar
Designation :	Accounts Department
Contact No.:	91-80-41498433

LOCATIONS

Registered Office :	3^rd Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-4470000
Fax No.:	91-22-44771882
E-Mail :	radhika.thorat@ril.com
Website :	www.ril.com
Location :	Owned
Corporate Office 1:	62/2, Richmont Road, Bangalore-560025, Karnataka, India
Tel. No.:	91-80-41498433
Fax No.:	91-80-41499870
Location :	Owned
Corporate Office 2:	Reliance Corporated Park,Building 4, Ground Floor, ‘C’ W, Navi Mumbai-400071, Maharashtra, India

DIRECTORS

As on 04.08.2012

Name :	Mr. Pankaj Mohan Pawar
Designation :	Director
Address :	302, Archana Saurabh, Plot No. 20, Sector 7, Koparkhairne, Navi Mumbai-400709, Maharashtra, India
Date of Birth/Age :	14.07.1972
Date of Appointment :	12.04.2012
DIN No.:	00085077
Name :	Mr. Sankar Gopalakrishnan
Designation :	Whole-time director
Address :	No.38, Flat No.501, Raheja Gardenia Miller Road, Benson Town, Bangalore-560006, Karnataka, India
Date of Birth/Age :	28.11.1961
Qualification :	B. Tech, MBA
Date of Appointment :	02.11.2007
DIN No.:	01854956
Name :	Mr. Jayraj Sampatrai Sheth
Designation :	Director
Address :	Anand Mahal, 2^nd Floor, Babulnath Road, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	06.05.1961
Qualification :	B. Com, CA, LLB`
Date of Appointment :	24.03.2012
DIN No.:	03290577

KEY EXECUTIVES

Name :	Mr. Pramod Kumar
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2012

Names of Shareholders	No. of Shares
Sudhakar Saraswatula Jointly with Reliance Fresh Limited	1
Madhavan Ganesan Jointly with Reliance Fresh Limited	1
A Ramaswamy Jointly with Reliance Fresh Limited	1
Rajendra Madhav Kamath Jointly with Reliance Fresh Limited	1
Subramaniam Venkatachalam Jointly with Reliance Fresh Limited	1
Sridhar Kothandaraman Jointly with Reliance Fresh Limited	1
Reliance Fresh Limited	1049994
Total	1050000

Equity Share Break up (Percentage of Total Equity)

As on 04.08.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Footwear.

Products :

Item Code No.	Product Description
99622340	Footwear
99831690	Other
99831690	Support Service

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Tel. No.: 91-22-66521308

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	0.598	0.000
Long-term maturities of finance lease obligations	5.139	0.000
Total	5.737	0.000

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani, Chambers 212, Nariman Point, Mumbai-400021, Maharashtra, India
PAN No.:	AAAFC0662N
Ultimate holding company :	Reliance Industries Limited
Holding companies :	Reliance Retail Limited Reliance Trends Limited (From 31^st January, 2012)
Fellow subsidiaries :	Reliance Trends Limited (Upto 30^th January, 2012) Delight Proteins Limited Reliance Fresh Limited Reliance Autozone Limited Reliance Leisures Limited Reliance Dairy Foods Limited Reliance Gems and Jewels Limited Reliance Office Solutions Private Limited Reliance Supply Chain Solutions Limited Reliancedigital Retail Limited Strategic Manpower Solutions Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs. 10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs. 10.500 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		10.500	10.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(159.540)	(153.568)	(132.561)
NETWORTH		(149.040)	(143.068)	(132.061)
LOAN FUNDS
1] Secured Loans		5.737	0.000	0.384
2] Unsecured Loans		1415.470	864.764	661.653
TOTAL BORROWING		1421.207	864.764	662.037
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1272.167	721.696	529.976
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		728.613	397.820	177.224
Capital work-in-progress		108.260	36.831	185.402
INVESTMENT		0.075	0.000	0.000
DEFERRED TAX ASSETS		68.602	73.069	65.365
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	882.933	442.325	195.014
	Sundry Debtors	10.788	21.728	14.679
	Cash & Bank Balances	9.892	1.703	1.770
	Other Current Assets	0.028	0.000	0.000
	Loans & Advances	223.212	129.626	87.068
Total Current Assets		1126.853	595.382	298.531
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	649.962	351.494	193.882
	Other Current Liabilities	104.291	26.062	0.002
	Provisions	5.983	3.850	2.662
Total Current Liabilities		760.236	381.406	196.546
Net Current Assets		366.617	213.976	101.985
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1272.167	721.696	529.976

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1551.245	942.690	533.978
		Other Income	0.039	0.009	0.475
		TOTAL (A)	1551.284	942.699	534.453
Less	EXPENSES
		Purchase of stock-in-trade	1395.256	863.296	562.384
		Employee benefit expense	116.154	64.153
		Other expenses	432.132	269.940
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(436.793)	(247.266)
		TOTAL (B)	1506.749	950.123	562.384
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		44.535	(7.424)	(27.931)
Less	FINANCIAL EXPENSES (D)		0.316	0.023	0.064
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.219	(7.447)	(27.995)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.725	21.264	19.304
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1.506)	(28.711)	(47.299)
Less	TAX (H)		4.466	(7.704)	(19.400)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(5.972)	(21.007)	(27.899)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(153.568)	(132.561)	(76.773)
	BALANCE CARRIED TO THE B/S		(159.540)	(153.568)	(104.662)
	IMPORTS
		Components and Spare Parts	43.456	42.872
		Capital Goods	7.348	2.154
	TOTAL IMPORTS		50.804	45.026	6.365
	Earnings / (Loss) Per Share (Rs.)		(5.69)	(83.12)	(557.99)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.38)	(2.23)	(5.22)
Net Profit Margin (PBT/Sales)	(%)	(0.10)	(3.05)	(8.86)
Return on Total Assets (PBT/Total Assets}	(%)	(0.08)	(2.89)	(9.94)
Return on Investment (ROI) (PBT/Networth)		0.01	0.20	0.36
Debt Equity Ratio (Total Debt/Networth)		(9.54)	(6.04)	(5.01)
Current Ratio (Current Asset/Current Liability)		1.48	1.56	1.52

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No

OPERATIONAL REVIEW

With over 88 stores spread across 57 cities, Reliance Footprint has established itself as India’s first footwear destination store chain offering the largest choice of multi-brand footwear. Reliance Footprint stores offers its customers unmatched choice of more than 50 national and international brands in footwear, handbags and accessories for all occasions, matched with international standards of service and shopping experience. Asics, the world famous sports shoe, sportswear and accessory brand is in exclusive distribution partnership with Reliance Footprint. Reliance Footprint stores also showcases the Company’s private label products which offer best value for money proposition. The Company shall continue to expand its network of stores and achieve leadership position in the organized footwear retail market.

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and advances from related parties	1415.470	864.764
Total	1415.470	864.764

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51101MH2007PLC171321
Name of the company	RELIANCE FOOTPRINT LIMITED
Address of the registered office or of the principal place of business in India of the company	3^rd Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai-400002, Maharashtra, India Email: radhika.thorat@ril.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India Email: cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Agreement for Auto loan dated 31.10.2012
Date of instrument Creating the charge	31.10.2012
Amount secured by the charge	Rs. 5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Presently rate of interest is 11% p.a. and interest at such rate/s as may be determined by the bank from time to time. Terms of Repayment As per the Agreement for Auto loan Extent and Operation of the charge First and exclusive charge on the present and future vehicles (purchased under the loan facility) hypothecated and the charge shall stand as security to the repayment and payment by the Company to the Bank for all monies payable under the Agreement for Autoloan entered into between the Company and the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Vehicles to be purchased under the loan facility.

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

WEBDETAILS

PRESS RELEASE

RELIANCE FOOTPRINT EYES 15% MARKET SHARE BY 2017: CEO

JULY 26 ,2012

Bangalore: Reliance Footprint, a unit of Reliance Retail Limited owned by Mukesh Ambani’s Reliance Industries Ltd, is aiming for a 15% share of the country’s fast-growing footwear market by 2017. It now has less than a 5% share.

We want to have a meaningful market share in five years,” chief executive Gopalakrishnan Sankar said on Thursday after the launch of the company’s 100^th store in Kerala.

Reliance Footprint launched its first store in late 2007 in Bangalore. Sankar said the company will expand its store base at a faster clip in the next few years as it looks to focus more on growing sales and volumes than generating profits.

“We are a young company and focus is more on customer acquisitions, customer service. And if you have a good model profits will come. We are also a profitable format (at the company level),” he said.

The Indian footwear industry will reach about Rs 200000.000 millions in value by 2013, and then grow to nearly Rs 340000.000 millions by 2017, according to Reliance Footprint’s estimates. The market is dominated by Bata India, whose more than 1,300 stores generate annual sales of at least Rs 15000.000 millions.

Sankar declined to disclose Reliance Footprint’s sales, only saying it was growing faster than the market. Reliance Footprint is part of Reliance Retail, which turned in sales of nearly Rs 76000.000 millions in the year ended 31 March.

Analyst Naveen Vyas at Microsec Capitals Limited was skeptical if Reliance Footprint would be able to meet its target. “The footwear space is getting more and more crowded. And Bata dominates the market. They have the most brand recall by far among consumers. I don’t think Bata and others are too worried right now by Reliance Footprint,” Vyas said.

In the footwear business, Reliance Retail has partnership agreements with foreign shoe and apparel makers such as US-based Timberland and Steve Madden. However, products from these companies are not sold through Reliance Footprint stores.

“We feel Timberland is an expensive brand for our positioning. We are mid-to-premium. I see Timberland as more than premium. We have a partnership with (Japan’s) ASICS. But whether we have a partnership or not, we will still have the right brands in our stores,” Sankar said.

RELIANCE FOOTPRINT IN A TIE UP WITH WIESNER WORLDWIDE KREATIONS

Reliance Footprint will now house Airwalk Footwears in its stores across the country, after the successful collaboration with Wiesner Worldwide Creations (WWK), the Indian division of Wiesner Products of New York, leading footwear and Apparel firm.

Mumbai, Maharashtra, October 31, 2012 /India PRwire/ -- Reliance Footprint will now house Airwalk Footwears in its stores across the country, after the successful collaboration with Wiesner Worldwide Creations (WWK), the Indian division of Wiesner Products of New York, leading footwear and Apparel firm. This will help it tap the youths and kids segment of the country, in an enhanced way.

The stores will accommodate the newly fangled skateboards shoes, recently launched in India and an array of other fashionable footwear. This tie up has also availed an exclusive right to Reliance Footprint where it will be the only store to offer this new range of shoes. Airwalk, sports, and youth centric brand has associations with more than 50 partners from over 100 countries across the globe. Launched in 1986, it has its headquarters in Pennsylvania, United States. She also mentioned that this partnership once again emphasizes the fact that they are a brand that pegs on excellence yet caters to the Indian price sensitive market.

When asked to comment on the partnership, Gopalakrishan Sankar, Reliance Footprint Chief Executive Officer, stated that this partnership with Wieser Worldwide has availed it with an opportunity to promote the internationally sought after brand Airwalk. He was confident the product would win hearts of kids and create a buzz. Adding to this, he also announced that they would unveil new offers for this product that will add momentum to its sales.

Chief Executive Officer, WWK, Vice President (South East Asia), Bhavna Jha mentioned that they are delighted with the partnership and believe that this was vital for their brand. This partnership will enable them to reach out to wider audiences, with their excellent collection and variety. She mentioned that the price of Airwalk footwears ranges from a minimum of Rs.0.000 million to a maximum to Rs.0.001 million that opens doors for people of all classes to avail it.

Reliance Footprint, an arm of Reliance Industries Limited, has its stores across the country in more than 103 locations in more than 67 cities and 17 states. The first store was launched in Banglore in the year 2007. It has previously inked a partnership with ASICS Corporation of Japan, the top-notch international sports manufacturers and others including Timberland and Steve Madden. This segment intends to attain a 15% share in the Indian footwear market by 2017.

Notes to Editor

Reliance Footwear, an arm of Reliance Industries Limited owned by Mukesh Ambani, partnered with Wiesner Worldwide Kreations, the Indian division of Weisner Products of New York, leading apparel, and footwear firm. The partnership also offers a special exclusive right to Reliance Footprint making it the only store in India to house Airwalk footwear.

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.53.74
UK Pound	1	Rs.83.54
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

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	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		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.