1. Summary Information

		Country	India
Company Name	GANDHI CAPITAL PRIVATE LIMITED	Principal Name 1	Mr. Alpesh Arvindlal Gandhi
Status	Moderate	Principal Name 2	Mr. Deep Manoj Gandhi
		Registration #	04-023923
Street Address	5017, 5^th Floor, Jash Textile Market, Ring Road, Surat – 395 001, Gujarat, India
Established Date	20.12.1994	SIC Code	--
Telephone#	91-261-2320862	Business Style 1	Manufacturing
Fax #	91-261-2320863	Business Style 2	--
Homepage	Not Available	Product Name 1	Partially Oriented Yarn
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.13,243,000/-	Product Name 3	--
Shareholders	Bodies corporate – 23.63%, Directors or relatives of Directors – 57.57%, Others – 18.81%	Banking	Punjab National Bank
Public Limited Corp.	No	Business Period	19 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	225,930,000	Current Liabilities	53,627,000
Inventories	96,229,000	Long-term Liabilities	289,210,000
Fixed Assets	401,362,000	Other Liabilities	8,000
Deferred Assets	0,000	Total Liabilities	342,845,000
Invest& other Assets	8,014,000	Retained Earnings	375,447,000
		Net Worth	388,690,000
Total Assets	731,535,000	Total Liab. & Equity	731,535,000
Total Assets (Previous Year)	237,490,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	2050,384,000	Net Profit	42,874,000
Sales(Previous yr)	725,864,000	Net Profit(Prev.yr)	9,586,000

MIRA INFORM REPORT

Report Date :

25.10.2013

IDENTIFICATION DETAILS

Name :	GANDHI CAPITAL PRIVATE LIMITED
Registered Office :	5017, 5^th Floor, Jash Textile Market, Ring Road, Surat – 395 001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.12.1994
Com. Reg. No.:	04-023923
Capital Investment / Paid-up Capital :	Rs.13.243 Millions
CIN No.: [Company Identification No.]	U65910GJ1994PTC023923
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00324C/ SRTG02464A
PAN No.: [Permanent Account No.]	AABCG1437D/ AABCG2903J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Partially Oriented Yarn
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1554000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration the limited profitability of the company on account of highly competitive and fragmented nature of polyester yarn manufacturing industry. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating=BB-
Rating Explanation	Have moderate risk of default.
Date	October 2012

Rating Agency Name	ICRA
Rating	Short Term Rating=A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	October 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	5017, 5^th Floor, Jash Textile Market, Ring Road, Surat – 395 001, Gujarat, India
Tel. No.:	91-261-2320862
Fax No.:	91-261-2320863
E-Mail :	gandhicapital1@gmail.com namsindia@gmail.com sbmgandco@gmail.com gandhicapital@drdcs.net
Factory 1 :	Survey No. 255/1/16, Behind IPCA Laboratories, Village-Athal Sillvassa, U.T. of D and N.H., India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Alpesh Arvindlal Gandhi

Designation :

Director

Address :

Shop No. 4019-20, 4^th Floor, Jash Market, Ring Road, Choryasi, Surat – 395002, Gujarat, India

Date of Appointment :

07.06.2010

DIN No.:

00709236

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	U34110GJ1999PTC035911	SURYA VEHICLES PRIVATE LIMITED	Director	08-09-06	08-09-06	-	Active	NO
2	U27209GJ2002PTC040502	KUBER METALS PRIVATE LIMITED	Director	08-09-06	08-09-06	13-10-11	Active	NO
3	U65910GJ1994PTC023923	GANDHI CAPITAL PRIVATE LIMITED	Director	07-06-10	07-06-10	-	Active	NO
4	U17200MH2011PLC211835	RADHEYGOVIND INDUSTRIES LIMITED	Director	05-01-11	05-01-11	-	Active	NO

Name :

Mr. Deep Manoj Gandhi

Designation :

Director

Address :

Shop No. 4019-20, 4^th Floor, Jash Market, Ring Road, Choryasi, Surat – 395002, Gujarat, India

Date of Appointment :

05.01.2011

DIN No.:

03096879

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65910GJ1994PTC023923	GANDHI CAPITAL PRIVATE LIMITED	Director	07-06-10	07-06-10	Active	NO
2	U17200MH2011PLC211835	RADHEYGOVIND INDUSTRIES LIMITED	Director	05-01-11	05-01-11	Active	NO

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Arvindbhai Champaklal Gandhi	200200
Meenaben Arvindbhai Gandhi	150200
Poojaben Alpeshbhai Gandhi	205000
Pritiben Manojbhai Gandhi	205000
Sunny Wisdom Enterprise Inc, Darussalam	250000
Kuber Metals Private Limited, India	29850
Anushka SoftTel Private Limited, India	284000
Alpesh Arvinbhai Gandhi	3000
Deep Manojbhai Gandhi	1500
Total	1328750

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	23.62
Directors or relatives of Directors	57.57
Other	18.81
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Partially Oriented Yarn

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Partially Oriented Yarn	Kgs.	N.A.	N.A.	7023369

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Main, Meghani Tower, Station Road, Surat – 395 003, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Deferred Payment Liabilities	162.015	0.000
Short Term Borrowings
Working Capital Loan from Banks (Secured against mortgage of land and factory building and against hypothecation of all kind of inventories and book debt)	94.964	88.122
Deferred Payment Indian Sources	15.336	0.000
	272.315	88.122

Banking Relations :	--
Auditors :
Name :	Chetan B. Desai and Company Chartered Accountants
Address :	D-618, International Trade Centre, Majura Gate, Ring Road, Surat – 395 002, Gujarat, India
PAN No.:	AAKPD1056B
Enterprises which are owned, or have significant influence of or are partners with key management personnel and their relatives :	· Gandhilon Texturising Private Limited [U17110GJ1991PTC016258] · Pinstripe Properties Private Limited [U70100MH2006PTC159059]

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1328750	Equity Shares	Rs. 10/- each	Rs.13.288 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1324300	Equity Shares	Rs. 10/- each	Rs.13.243 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.243
(b) Reserves & Surplus	375.447
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	388.690
(3) Non-Current Liabilities
(a) long-term borrowings	162.015
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	162.015
(4) Current Liabilities
(a) Short term borrowings	127.195
(b) Trade payables	22.883
(c) Other current liabilities	0.008
(d) Short-term provisions	30.744
Total Current Liabilities (4)	180.830
TOTAL	731.535
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	401.362
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	8.014
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	57.011
(e) Other Non-current assets	0.000
Total Non-Current Assets	466.387
(2) Current assets
(a) Current investments	0.000
(b) Inventories	96.229
(c) Trade receivables	122.333
(d) Cash and cash equivalents	14.200
(e) Short-term loans and advances	29.514
(f) Other current assets	2.872
Total Current Assets	265.148
TOTAL	731.535

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.604	7.604
2] Share Application Money		115.000	178.750
3] Reserves & Surplus		15.432	5.816
4] (Accumulated Losses)		0.000	0.000
NETWORTH		138.036	192.170
LOAN FUNDS
1] Secured Loans		88.122	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		88.122	0.000
DEFERRED TAX LIABILITIES		0.162	0.000
TOTAL		226.320	192.170
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.519	0.509
Capital work-in-progress		0.000	0.000
INVESTMENT		8.477	74.284
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.713	0.000
	Sundry Debtors	7.957	1.114
	Cash & Bank Balances	5.263	96.123
	Other Current Assets	0.000	0.000
	Loans & Advances	84.561	20.177
Total Current Assets		174.494	117.414
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.103	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	9.067	0.037
Total Current Liabilities		11.170	0.037
Net Current Assets		163.324	117.377
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		226.320	192.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2050.384	725.864	0.000
		Other Income	6.951	1.925	0.506
		TOTAL (A)	2057.335	727.789	0.506
Less	EXPENSES
		Materials Consumed		613.360	0.000
		Manufacturing Expenses		91.769	0.000
		Administrative Expenses		5.037	0.020
		Selling and Distribution Expenses		4.636	0.000
		Increase/ (Decrease) in stocks		(2.801)	0.000
		TOTAL (B)		712.001	0.020
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including financial Expenses]	15.788	0.486
Less	FINANCIAL EXPENSES (D)			0.634	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.877	15.154	0.486
Less	DEPRECIATION/ AMORTISATION (F)		23.119	2.219	0.176
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		63.758	12.935	0.310
Less	TAX (H)		20.884	3.349	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		42.874	9.586	0.310
Less	PREVIOUS YEAR ADJUSTMENT		0.00	0.029	0.259
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.432	(1.184)	(1.235)
Less	APPROPRIATIONS		0.00	0.059	0.000
	BALANCE CARRIED TO THE B/S		51.306	8.432	(1.184)
	IMPORTS		0.00	2.720	0.00
	Earnings Per Share (Rs.)		32.27	12.61	0.41

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.08	1.32	61.26
Net Profit Margin (PBT/Sales)	(%)	3.11	1.78	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	9.57	5.65	0.26
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.00
Debt Equity Ratio (Total Debt /Networth)		0.74	0.72	0.00
Current Ratio (Current Asset/Current Liability)		1.47	15.62	3173.35

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	----------
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans and Advances from related Parties	16.895	0.000
Total	16.895	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10280095	06/04/2012 *	345,000,000.00	PUNJAB NATIONAL BANK	MAIN MEGHANI TOWER,, STATION ROAD, SURAT, Gujarat - 395003, INDIA	B38048179
2	10268364	12/08/2011 *	345,000,000.00	PUNJAB NATIONAL BANK	Main, Meghani Tower, Station Road, Surat, Gujarat - 395003, INDIA	B20113783

* Date of charge modification

FIXED ASSETS:

· Land at Silvassa

· Factory Building

· Furniture

· A.C. Plant

· Air Conditioner

· Computers

· D.G. Sets

· Electric Installation

· Fax Machine

· Fire Extinguisher

· Machinery

· Motor Car (Chevrolet)

· Motor Car (Ford)

· Motor Car (Merc.)

· Motor Car (Mitsu)

· Motor Car (Sentr.)

· Motor Car (Skoda)

· Motor Car (Maruti)

· Motor Car (Skoda)

· Truck

· Telephone

· Television

· Office Equipment

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.61.41
UK Pound	1	Rs.99.53
Euro	1	Rs.84.82

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.