MIRA INFORM REPORT

Report Date :

03.10.2013

IDENTIFICATION DETAILS

Name :	SYMRISE PRIVATE LIMITED (w.e.f 19.04.2004)
Formerly Known As :	SYMRISE LIMITED (w.e.f. 01.03.2004) DRAGOCO INDIA LIMITED (w.e.f. 12.05.1994) CORAL AROMATICS PRIVATE LIMITED
Registered Office :	Old Mahabalipurdam Road, Semmancheri, Chennai - 600119, Tamilnadu
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	17.12.1990
Com. Reg. No.:	18-020035
Capital Investment / Paid-up Capital :	Rs. 33.165 Millions
CIN No.: [Company Identification No.]	U24294TN1990PTC020035
TAN No.: [Tax Deduction & Collection Account No.]	CHED00571E
PAN No.: [Permanent Account No.]	AAACD2686A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Exporting and Marketing of Flavours, Fragrances, Cosmetic Materials and Aroma Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3673000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of Symrise Holding Pte. Limited (Singapore). It is a well established company having good track record. There appears dip in profit of the company in financial year 2012. However liquidity position of company is strong and healthy. Director is reported as well experience and knowledgeable businessmen. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business at 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.

LOCATIONS

Registered Office/ Factory :	Old Mahabalipurdam Road, Semmancheri, Chennai - 600119, Tamilnadu, India
Tel. No.:	91-44-24501739
Fax No.:	91-44-24501737
E-Mail :	vsundar@symrise.com

DIRECTORS

As on 21.06.2013

Name :

Mr. Markus Sattler

Designation :

Director

Address :

37603 Holzminden, meiernberg, 12, Germany

Date of Birth/Age :

15.11.1967

Date of Appointment :

27.06.2008

DIN No.:

01997233

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	U24294TN1990PTC020035	SYMRISE PRIVATE LIMITED	Director	27/06/2008	07/11/2007	-	Active	NO

Name :

Mr. Declan Pearse Macfadden

Designation :

Director

Address :

16 Holland Hill, #03-14, Singapore – 278745

Date of Birth/Age :

19.04.1954

Date of Appointment :

21.06.2010

DIN No.:

02843315

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	U24294TN1990PTC020035	SYMRISE PRIVATE LIMITED	Director	21/06/2010	16/11/2009	-	Active	NO

Name :

Mr. Sundar Vinnavadi

Designation :

Whole time Director

Address :

4/468 Shri Anugraha, 8^th South Cross Street, Kapaleeshwar Nagar, Neelankarai, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

15.05.1957

Date of Appointment :

30.06.2011

DIN No.:

03270955

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	U24294TN1990PTC020035	SYMRISE PRIVATE LIMITED	Whole-time director	30/06/2011	27/09/2010	-	Active	NO

Name :

Mr. Markus Alec Steger

Designation :

Director

Address :

32, Alley No. 1384, Huai Hai, Middle Road, Shanghai – 200 052

Date of Birth/Age :

09.07.1966

Date of Appointment :

30.06.2011

DIN No.:

03386636

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	U24294TN1990PTC020035	SYMRISE PRIVATE LIMITED	Director	30/06/2011	01/02/2011	-	Active	NO

Name :

Ms. Hui Chiung Leong

Designation :

Director

Address :

13 Hartley Grove, Singapore - 457882

Date of Birth/Age :

15.05.1972

Date of Appointment :

21.06.2013

DIN No.:

06440343

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	U24294TN1990PTC020035	SYMRISE PRIVATE LIMITED	Director	21/06/2013	16/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sundar V
Designation :	Secretary
Address :	4/468 Shri Anugraha, 8^th South Cross Street, Kapaleeshwar Nagar, Neelankarai, Chennai – 600041, Tamilnadu, India
Date of Appointment :	02.01.1995
PAN No.:	AASPS6455R

MAJOR SHAREHOLDERS

As on 21.06.2013

Names of Shareholders	No. of Shares
Symrise Holdings Pte. Limited, Singapore	3316499
Symrise Pte. Limited, Singapore	1
Total	3316500

Equity Share Break up (Percentage of Total Equity)

As on 21.06.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporting and Marketing of Flavours, Fragrances, Cosmetic Materials and Aroma Chemicals.

Products :

ITC Code	Product Descriptions
33029011	Fragrances
33029090	Flavours - Mint
33021010	Flavours - Liquid

· Acetanisole Cryst

· Acetic Acid Natural

· Vanillin Natural Proc and Symvanil

· Allyl Caproate

· Allinat / Allyl Isothiocyanate Unstab

· Acetophenone

· Acetyl Thiazoline-2

· Agrumex Hc

· Benzyl Benzoate Ph

· Chrysantheme

· Rose Oxide Inactive

· Rose Oxide Inactive High Cis

· Styrallyl Acetate

· Tabanon

· Terpinenol-4

· Terpinenol-4 Natural

· Terranol

· Tetrahydro Thiophenone-3

· Thymol Cryst

· Thymol Cryst Ph

· Thymol Dist

· Timberol

· Vertosine

· Vetikolacetat

· Vinylguaiacol Natural 10in Triacetin

· Ysamber K

· Allinat / Allyl Isothiocyanate Bht

· Vertocitral C

· Vetikon

· Vetival

· Rose Oxide L

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Flavouring Essences	Kgs	NA	2875000
Fragrance	Kgs	NA	2400000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HSBC Bank Limited
• Deutsche Bank
• Indian bank
• State Bank of India

Facilities :

SECURED LOANS	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Rupee term loan from bank (Charge on Plant and Machinery)	18.750	0.000
Short Term Borrowings
Working capital loans from bank (Charge on plant and machinery) (Buyer's credit repayable on the respective due date within the next twelve months. It carries interest @ LIBOR plus 0.9 basis points)	109.683	0.000
Total	128.433	0.000

Banking Relations :	--
Financial Institution:	The Hongkong and Snghai Banking Corporation Limited, 30 Rajaji Salai, Chennai – 600001, Tamilnadu, India
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No.10, Mahatma Gandhi Road, Nungambakkam, Chennai - 600034, Tamilnadu, India
PAN No.:	AAIFB0630K
Ultimate Holding Company:	· Symrise AG, Germany
Holding Company:	· Symrise Holding Pte. Limited (Singapore)
Fellow Subsidiary Company:	· Symrise Pte Limited, Singapore · Symrise Asia Pacific Pte Limited, Singapore · Symrise Inc., USA · Symrise S De RL de CV, Mexico · Symrise Aromas E Fragrancias Limited a, Brazil · Symrise S.A., Switzerland · Symrise Ltda, Colombia · Symrise Pty Limited, Australia · Symrise Shanghai Limited, China · Symrise S.A., France · Symrise (Pty.) Limited, South Africa · Symrise K.K. (Japan)

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs. 10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3316500	Equity Shares	Rs. 10/- each	Rs. 33.165 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	33.165	33.165
(b) Reserves & Surplus	885.069	819.655
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	918.234	852.820
(3) Non-Current Liabilities
(a) long-term borrowings	18.750	0.000
(b) Deferred tax liabilities (Net)	28.318	10.230
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	9.984	4.941
Total Non-current Liabilities (3)	57.052	15.171
(4) Current Liabilities
(a) Short term borrowings	109.683	0.000
(b) Trade payables	529.718	364.257
(c) Other current liabilities	71.490	32.070
(d) Short-term provisions	18.995	9.032
Total Current Liabilities (4)	729.886	405.359
TOTAL	1705.172	1273.350
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	210.420	220.651
(ii) Intangible Assets	134.673	0.000
(iii) Capital work-in-progress	16.927	3.301
(iv) Intangible assets under development	0.029	143.194
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	53.338	13.440
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	415.387	380.586
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	586.493	366.458
(c) Trade receivables	582.635	446.423
(d) Cash and cash equivalents	89.636	60.288
(e) Short-term loans and advances	31.021	19.595
(f) Other current assets	0.000	0.000
Total Current Assets	1289.785	892.764
TOTAL	1705.172	1273.350

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		33.165
2] Share Application Money		0.000
3] Reserves & Surplus		675.960
4] (Accumulated Losses)		0.000
NETWORTH		709.125
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		10.464
TOTAL		719.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		194.200
Capital work-in-progress		3.257
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	354.754
	Sundry Debtors	384.527
	Cash & Bank Balances	62.664
	Other Current Assets	0.000
	Loans & Advances	36.910
Total Current Assets		838.855
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	283.242
	Other Current Liabilities	27.037
	Provisions	6.444
Total Current Liabilities		316.723
Net Current Assets		522.132
MISCELLANEOUS EXPENSES		0.000
TOTAL		719.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income
		Other Income
		TOTAL (A)	2555.000	2468.000	2403.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2404.000	2234.000	2050.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		151.000	234.000	353.000
Less	FINANCIAL EXPENSES (D)		1.000	2.000	2.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		150.0000	232.000	351.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.000	21.000	21.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		105.000	211.000	330.000
Less	TAX (H)		40.000	67.000	111.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		65.000	144.000	219.000
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export		53.532	35.496
		Commission Earnings		0.047	0.597
	TOTAL EARNINGS		78.200	53.579	36.093
	IMPORTS
		Raw Materials		918.652	755.014
		Capital Goods		157.437	2.451
	TOTAL IMPORTS		NA	1076.089	757.465
	Earnings Per Share (Rs.)		19.60	NA	NA

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	2.54	5.83	9.11
Return on Total Assets (PBT/Total Assets}	(%)	7.82	23.28	31.94
Return on Investment (ROI) (PBT/Networth)		0.11	0.24	0.47
Debt Equity Ratio (Total Debt /Networth)		0.14	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.77	2.20	2.65

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	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	Yes
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

LITIGATION DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	CIVIL MISC. APPEAL
Case No.:	790
Year :	2013
Petitioner :	THE COMMISSIONER OF CUSTOMS
Respondent :	M/S SYMRISE PVT LTD
Pet's Advocate :	M/S. RAJNISH PATHIYIL
Res's Advocate :	--
Category :	Customs Act, 1962 (52 of 1962)
	Last Listed on: No Date Mentioned
Case Updated on :	Mar 18 2013

INDEX OF CHARGE:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390809	04/12/2012	100,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO.30 Rajaji Salai, Opp Beach Station, Chennai, Tamilnadu - 600001, INDIA	B63670947
2	90297817	30/08/2012 *	191,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	No.30 Rajaji Salai, Opp Beach Station, Chennai, Tamilnadu - 600001, INDIA	B58484908

Note: * Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipments

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

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	YES
--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		48

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.