MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	ASIATIC COLOUR-CHEM INDUSTRIES LIMITED
Registered Office :	Plot No. 1503, G.I.D.C., Phase-1, Naroda, Ahmedabad – 382330, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.1995
Com. Reg. No.:	04-024128
Capital Investment / Paid-up Capital :	Rs. 65.721 Millions
CIN No.: [Company Identification No.]	U24117GJ1995PLC024128
PAN No.: [Permanent Account No.]	AABCA6297R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Dyes and Dye Intermediates.
No. of Employees :	50 (Approximately)

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 1139600
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company with a satisfactory track record. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings under usual trade terms and conditions.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Ms. Sija
Designation :	Marketing Head
Contact No.:	91-9825500314
Date :	24.09.2013

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 1503, G.I.D.C., Phase-1, Naroda, Ahmedabad – 382330, Gujarat, India
Tel. No.:	91-79-40015929-54/ 40015929/ 5941/ 5927/ 5923/ 5942
Mobile No.:	91-9825500314 (Ms. Sija)
Fax No.:	91-79-22820766/ 40015950
E-Mail :	mahesh@asiaticcolour.com asiaticmahesh@gmail.com info@asiaticcolour.com financeasiatic@gmail.com
Website :	http://www.asiaticcolour.com
Location :	Owned
Factory 2 :	Plot No. 1504, G.I.D.C., Phase-1, Naroda, Ahmedabad – 382330, Gujarat, India
China Office :	Rm 1013, Novel Building, 887, Huai Hai Road (M), Shanghai – 200020, P. R. China
Tel. No.:	86-21-64673821/ 64669438
Fax No.:	86-21-64715502
E-Mail :	ceo@asiaticcolour.com

DIRECTORS

AS ON 27.06.2013

Name :

Mr. Mahesh Kashiram Agrawal

Designation :

Managing director

Address :

A-101, Shilalekh Tower, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

08.12.1962

Qualification :

B. Com

Date of Appointment :

09.01.1995

PAN No.:

AANPA8707H

DIN No.:

00039326

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	U24231GJ1993PTC020672	SAVAKASHI INDUSTRIES PRIVATE LIMITED	Director	16/11/1993	16/11/1993	23/05/2013	Active	NO
2	U24117GJ1995PLC024128	ASIATIC COLOUR-CHEM INDUSTRIES LIMITED	Managing director	09/01/1995	09/01/1995	-	Active	NO
3	U26900GJ2011PLC067758	ASIATIC COMPOSITE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO

Name :

Vibhor Maheshbhai Agrawal

Designation :

Additional director

Address :

A-101, Shilalekh Tower, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

13.06.1986

Qualification :

MBA

Date of Appointment :

15.04.2011

DIN No.:

01326848

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	U24117GJ2003PTC043210	ADORN SPECIALITY POLYMERS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
2	U24117GJ1995PLC024128	ASIATIC COLOUR-CHEM INDUSTRIES LIMITED	Additional director	15/04/2011	15/04/2011	-	Active	NO
3	U26900GJ2011PLC067758	ASIATIC COMPOSITE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO

Name :

Mrs. Savitridevi Kashiram Agrawal

Designation :

Additional director

Address :

9, Subhash Nagar, Girdharnagar, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

15.05.1939

Qualification :

Graduate

Date of Appointment :

16.02.2012

DIN No.:

05264684

KEY EXECUTIVES

Name :	Ms. Sija
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2013

Names of Shareholders	No. of Shares
Mahesh K. Agrawal	5267850
Savitri Devi Agarwal	7105
Taru Agrawal	572460
Ujjawala Agrawal	7105
Vibhor Agrawal	101105
Mahesh Agarwal HUF	609000
Sanchi Vibhor Agrawal	7500
Total	6572125

AS ON 27.06.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Dyes and Dye Intermediates.

Products/ Services :

ITC Code No.	Product Descriptions
32040029	S O Dyes

Exports :

Products :

Finished Goods

Countries :

· Europe

Imports :

Products :

Raw Material

Countries :

· China

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
SO Dyes and Intermediates	MT	7,500	7,500	7,345.83

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India, Off Site Ahmedabad, Mid Corporate Group, Overseas Branch, Navjivan Post Office, Ahmedabad - 380014, Gujarat, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Oriental Bank of Commerce, "Neel Kamal", Opposite Sales India, Ashram Road, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Working capital loans from banks [Secured against mortgage of factory land and building and hypothecation of raw materials, book debts, plant and machineries and lien on term deposits and personal guarantee of directors]	390.846	343.553
Total	390.846	343.553

Banking Relations :	--
Auditors :
Name :	Chirag R Shah and Associates Chartered Accountants
Address :	B/106, Oxford Avenue, Opposite C U Shah College, Income Tax, Ahmedabad – 380014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AMKPS9566M
Related Parties :	· Orio Shanghai Colours Private Limited · Adorn Speciality Polymers Private Limited · Asiatic Hong Kong International Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,572,125	Equity Shares	Rs. 10/- each	Rs. 65.721 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.721	65.721	65.721
(b) Reserves & Surplus	219.189	195.834	183.272
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	284.910	261.555	248.993
(3) Non-Current Liabilities
(a) long-term borrowings	417.906	370.818	307.826
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.934	2.715	2.200
Total Non-current Liabilities (3)	419.840	373.533	310.026
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	315.603	244.435	240.735
(c) Other current liabilities	1.122	37.998	107.288
(d) Short-term provisions	12.433	5.714	8.901
Total Current Liabilities (4)	329.158	288.147	356.924
TOTAL	1033.908	923.235	915.943
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.713	83.747	77.726
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.353	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.103	0.103	0.103
(c) Deferred tax assets (net)	0.146	0.015	0.115
(d) Long-term Loan and Advances	9.953	6.808	5.871
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	96.268	90.673	83.815
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	236.772	214.520	181.227
(c) Trade receivables	556.102	499.787	481.446
(d) Cash and cash equivalents	25.422	26.333	38.468
(e) Short-term loans and advances	119.344	91.922	130.987
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	937.640	832.562	832.128
TOTAL	1033.908	923.235	915.943

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	1609.892	1246.284	1129.168
		Other Income	0.773	2.674	3.684
		TOTAL (A)	1610.665	1248.958	1132.852
Less	EXPENSES
		Cost of materials consumed	1153.444	863.079	799.623
		Purchases of stock-in-trade	168.875	134.463	40.024
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(40.286)	(34.918)	(23.109)
		Employee benefit expense	17.698	16.846	14.255
		Other expenses	203.915	172.020	199.476
		Exceptional items	0.000	0.006	0.000
		Extraordinary items	21.001	11.875	(4.486)
		TOTAL (B)	1524.647	1163.365	1025.783
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.018	85.593	107.069
Less	FINANCIAL EXPENSES (D)		44.877	47.580	60.520
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.141	38.013	46.549
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.666	5.761	6.038
	PROFIT BEFORE TAX (E-F) (G)		34.475	32.252	40.511
Less	TAX (H)		11.169	5.107	7.883
	PROFIT AFTER TAX (G-H) (I)		23.306	27.145	32.628
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		193.436	166.291	133.663
	BALANCE CARRIED TO THE B/S		216.742	193.436	166.291
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods/ Services (F.O.B.) basis	767.653	569.356	709.045
	IMPORTS
		Raw Materials	342.508	389.207	480.631
	Earnings Per Share (Rs.)		3.55	4.13	4.96

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.45	2.17	2.88
Net Profit Margin (PBT/Sales)	(%)	2.14	2.59	3.59
Return on Total Assets (PBT/Total Assets}	(%)	3.34	3.49	4.42
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.16
Debt Equity Ratio (Total Debt/Networth)		1.47	1.42	1.24
Current Ratio (Current Asset/Current Liability)		2.85	2.89	2.33

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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10070340	06/12/2010 *	665,500,000.00	STATE BANK OF INDIA	OFF SITE AHMEDABAD, MID CORPORATE GROUP, OVERSEAS BRANCH, NAVJIVAN POST OFFICE, AHMEDABAD - 380014, GUJARAT, INDIA	B02027134
2	90102142	01/06/2004 *	181,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, NARODA, AHMEDABAD, GUJARAT, INDIA	-
3	90096678	07/03/2001 *	87,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
4	90102679	29/08/2000	87,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, AHMEDABAD - 382330, GUJARAT, INDIA	-
5	90102037	07/03/2001 *	87,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, G.I.D.C.; NARODA, AHMEDABAD, GUJARAT - 382330, INDIA	-
6	90096528	03/07/1998 *	26,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
7	90100597	03/07/1998 *	22,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
8	90101826	04/06/1999 *	22,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-
9	90101726	29/10/1997 *	10,000,000.00	STATE BANK OF INDIA	NARODA INDUSTRIAL ESTATE BRANCH, AHMEDABAD, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans repayable on demand from others	0.000	27.265
Loans and advances from related parties	27.060	0.000
Total	27.060	27.265

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Guarantees and Counter Guarantees O/s Others	6.472	6.252
Letter of Credits Issued by the Bank	203.700	125.500

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Other pollution reduction equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 62.36
UK Pound	1	Rs. 101.20
Euro	1	Rs. 84.54

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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
-	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.